Ramaco Resources completes $200 million stock offering

Ramaco Resources Inc. (NASDAQ: METC, METCB) completed its public offering of Class A common stock, selling 10,666,667 shares at $18.75 per share for gross proceeds of approximately $200 million before fees and expenses.

The company announced the closing of the underwritten offering, which was managed by Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC as lead joint book-running managers. All shares sold in the offering were issued by the company.

In connection with the offering, selling stockholders Yorktown Energy Partners IX, X, and XI granted underwriters a 30-day option to purchase up to $30 million in additional shares at the offering price minus underwriting discount. The underwriters exercised this option in full on August 6, with the sale of additional shares expected to complete on August 8. Ramaco Resources will not receive proceeds from the sale of these additional shares.

The company stated it intends to use net proceeds to fund acceleration of its rare earth elements and critical minerals project development, strategic growth opportunities, and general corporate purposes.

A shelf registration statement was filed with the Securities and Exchange Commission and became automatically effective upon filing on August 5. A final prospectus supplement was filed with the SEC on August 7.

Ramaco Resources operates metallurgical coal mines in southern West Virginia and southwestern Virginia, and develops coal, rare earth and critical minerals in Wyoming. The company has four active metallurgical coal mining complexes in Central Appalachia and one development rare earth and coal mine near Sheridan, Wyoming in initial production stages.

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