American Resources gains on letter of intent to sell unit's assets for $280 mln

American Resources

04/10/2023 13:55

** Shares of coal supplier American Resources  AREC.O  up
8.7% at $1.62 premarket  
    ** Co says its unit American Carbon Corporation has entered
into a letter of intent to sell its carbon mining assets to a
strategic party for the total consideration of about $280 mln 
    ** The letter of intent is non-binding and non-exclusive but
is expected to close before year end - AREC
    ** Co said in June it had rejected an unsolicited offer of
$260 mln, including debt and royalties, from an unnamed entity
for American Carbon
    ** Up to last close, stock is up 12.9% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))