LEXINGTON, Ky., June 14, 2018 (GLOBE NEWSWIRE) -- Ramaco Resources, Inc. (NASDAQ:METC) today announced that its wholly owned subsidiary, Ramaco Resources, LLC, has entered into an additional $7 million loan under an existing short-term credit facility with Maxus Capital Group (“Maxus”), a commercial finance company headquartered in Cleveland, OH. The short-term line of credit is secured by certain mining equipment as collateral. Together with amounts previously drawn on this line of credit, the company has drawn a total of $12 million under this equipment-based financing. The proceeds of the borrowing will be used for normal working capital requirements, as well as pay down a portion of the previous line.
Ramaco Resources is an operator and developer of high-quality, low cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. The Company has five active mines within two mining complexes.
“We are pleased to continue our relationship with Maxus who has been a valued financial partner by supplying normal working capital facilities to assist Ramaco as we have rapidly grown in 2018,” said Randall Atkins, Ramaco Resources’ Executive Chairman.
Ramaco also announced that the company’s Chief Financial Officer — Marc R. Solochek, age 72 — this week announced his intention to retire, effective July 1, 2018. Subsequent to his resignation, Mr. Solochek will continue to serve as a consultant to the Company. Atkins, who has functionally overseen the financial operations of the Company since inception, will additionally assume the role of Chief Financial Officer.
“Marc Solochek has the distinction of probably being the only person in the coal industry who has served as the Chief Financial Officer to shepherd two separate coal companies through the public IPO process- Ashland Coal and Ramaco Resources. We have deeply valued his contribution to our success and look forward to his continued help and wise counsel going forward in his role as a consultant to the Company” Atkins said.
Atkins is a founder of the Company and has served as the Executive Chairman and Chairman of the Board of Directors since its inception in 2015. He is also a founder of the Company’s affiliate, Ramaco Coal, LLC and has served as its Chairman and Chief Executive Officer from inception in 2011. Atkins has been involved in energy related investment, management and financing activity for over 35 years.
Ramaco Resources also announced that at its Annual Meeting held on June 12 that all members of the Company’s Board of Directors were re-elected to an annual term.