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American Infrastructure (AIC), a subsidiary of American Resources (NASDAQ:AREC), has entered into a binding term sheet to merge with CGrowth Capital, Inc. (OTC PINK:CGRA). Following the merger, AIC will become a wholly owned subsidiary of CGRA, which will be renamed to American Infrastructure Holding .
The merger is structured as a tax-free exchange where AIC shareholders will receive Series A Preferred Stock, convertible into common shares of the post-merger company. The Series A Preferred Stock includes an anti-dilution provision, ensuring 92% ownership of common stock after twelve months.
AIC has previously received multiple LOIs for structured transactions ranging from $150 million to $280 million. The company operates six coal mining and processing subsidiaries in Eastern Kentucky and West Virginia, focusing on metallurgical carbon supply to the steel industry, along with iron ore and titanium assets in Jamaica.
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