Rhino Resource Partners LP has completed a definitive agreement between Royal Energy Resources Inc. and Wexford Capital LP where Royal has acquired 6 769 112 issued and outstanding common units of the Partnership previously owned by Wexford.
The definitive agreement also includes the committed acquisition by Royal within sixty days from the date of the agreement 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 of the partnership currently owned by Wexford.
Once Royal has completed the acquisition of the Rhino GP LLC membership interests and the issued and outstanding subordinated units of the Partnership from Wexford, the company will obtain majority ownership interest and control of the partnership.
Joe Funk, President and Chief Executive Officer of Rhino’s General Partner, commented: “We continue to look forward to the opportunity to work with Royal once the final steps of the transaction are complete. Royal’s additional resources provide us with the capability to strategically grow the Partnership from our existing platform as we move forward. Royal’s insight and market strategies will provide us with the capability to deliver optimal value to our unitholders as we expect our relationship with Royal will grow our cash flow in the future.”
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/22012016/royal-energy-resources-to-acquire-certain-wexford-capital-interests-94/