Rhino Resource Partners LP has announced that Royal Energy Resources, Inc. (Royal) has completed the acquisition of all of the issued and outstanding membership interests of Rhino GP LLC, the general partner of Rhino, as well as 9 455 252 issued and outstanding subordinated units from Wexford Capital LP (Wexford).
Royal has obtained majority ownership interest and control of the partnership with the completion of this transaction.
On 21 January 2016, Royal and Wexford completed a definitive agreement where Royal acquired 6 769 112 issued and outstanding common units of the partnership from Wexford. The definitive agreement also included the committed acquisition by Royal within sixty days from the date of the definitive agreement of all of the issued and outstanding membership interests of Rhino GP LLC as well as the subordinated units from Wexford.
Joe Funk, President and Chief Executive Officer of Rhino’s general partner, stated: “Royal’s completed acquisition of the controlling interests in the partnership allows us to commence with various steps to grow the Partnership from our existing asset platform. We look forward to utilising Royal’s insight and market strategies that will provide new relationships and business opportunities for Rhino to grow our cash flow in the future.”
Edited from press releases by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/18032016/royal-energy-acquires-certain-interests-of-rhino-gp-llc-425/