Ramaco Resources launches $150 million stock offering

Ramaco Resources, Inc. (NASDAQ: METC, METCB) announced it has commenced a $150 million underwritten public offering of its Class A common stock. The coal and rare earth elements company filed a shelf registration statement with the Securities and Exchange Commission that became automatically effective upon filing.

In connection with the offering, selling stockholders Yorktown Energy Partners IX, L.P., Yorktown Energy Partners X, L.P., and Yorktown Energy Partners XI, L.P. intend to grant underwriters a 30-day option to purchase up to an additional $22.5 million of the company's Class A common stock at the public offering price, less the underwriting discount.

Ramaco Resources stated it intends to use net proceeds from the offering to fund acceleration of its rare earth elements and critical minerals project development, strategic growth opportunities, and general corporate purposes. The company will not receive proceeds from any sale of shares by the Yorktown entities if underwriters exercise their option to purchase additional shares.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are serving as lead joint book-running managers for the offering. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on the agency's website.

The offering remains subject to market and other conditions, with no assurance regarding completion timing or final terms.

Ramaco Resources operates metallurgical coal mining complexes in southern West Virginia and southwestern Virginia, along with a development rare earth and coal mine near Sheridan, Wyoming. The company announced in 2023 that it discovered a deposit of primary magnetic rare earths and critical minerals at its Wyoming mine location.

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