Ramaco Resources announces changes in financial officers, new financing
Ramaco Resources announced that its wholly owned subsidiary, Ramaco Resources, has entered into an additional $7M loan under an existing short-term credit facility with Maxus Capital Group , 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 $12M 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 CFO - Marc R. Solochek this week announced his intention to retire, effective July 1. 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.