JRL Energy closed on a second United States Department of Agriculture (USDA) backed credit facility on March 11, 2019.
This credit facility brings the Company’s total USDA backed debt to $20 million. The first $10 million credit facility was closed in March 2018.
“The USDA is validating both our business model and its commitment to the future of clean coal. This credit facility will give us the opportunity to continue expanding our operations and existing investment in Harlan,” said Co-Founder and Chief Executive Officer, Timothy Lusby.
This credit facility was issued to JRL Underground Inc. (“JRL Underground”), a wholly-owned facility of JRL Energy. The primary lender is Greater Nevada Credit Union (“GNCU”). JRL Underground utilized its equipment as collateral for this credit facility.
“The USDA assisted us in obtaining financing at a reduced cost of capital. This will permit us to invest directly in the operations of the business and not be burdened by excess financing costs. We are excited to continue our partnership with GNCU and the USDA,” said R. Grant Edwards, the Company’s Chief Financial Officer and Treasurer.
The Company began mining in Harlan County in May 2017. As of today, JRL has added over 250 new jobs to the community and has shipped over 1.5 million clean tons of coal from its facilities in Harlan County.
Source: Company Press Release