American Resources (AREC) said Monday it closed $20 million in debt financing via private capital in the US.
The financing is structured as a $20 million convertible note with the option to adjust the amount "slightly" should the need arise.
The company said 60% of the note had been committed or funded to date.
The company will onboard the debt via its subsidiary ReElement Technologies, which received a pre-money valuation of $150 million.
The funds will support the procurement and commissioning of new commercial-scale equipment, American Resources said.
The company's shares were up over 55% in recent Monday trading.
Price: 0.75, Change: +0.27, Percent Change: +56.76
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