CUSIP
No.
76218Y 10 3
|
1.
Names of Reporting Person.
Royal
Energy Resources, Inc.
|
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
|
|
(a)
|
(b)
|
|
3.
SEC Use Only
|
4.
Source of Funds (See Instructions)
WC
|
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
[ ]
|
6.
Citizenship or Place of Organization
State
of Delaware, United States
|
Number of Shares Beneficially
Owned by
Each Reporting
Person With:
|
7. Sole Voting Power – N/A
|
8. Shared Voting Power – 7,373,251 *
|
9. Sole Dispositive Power – N/A
|
10.
Shared Dispositive Power – 7,373,251 *
|
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
7,373,251
*
|
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
13.
Percent of Class Represented by Amount in Row (11)
41.7%
**
|
14.
Type of Reporting Person (See Instructions)
CO
|
*
Amount of securities beneficially owned includes 6,676,912 Common Units representing limited partner interests (each, a “
Common
Unit
”) in Rhino Resource Partners LP (the “
Partnership
”), 1,060,339 Subordinated Units representing
limited partner interests in the Partnership (each, a “
Subordinated Unit
”), and 0 Series A Convertible Preferred
Units (each, a “
Preferred Unit
” and together with the Common Units and Subordinated Units, the “
Units
”),
owned by Royal Energy Resources, Inc. (“
Royal Energy
”). The Subordinated Units will convert into Common Units
on a one-for-one basis at the times set forth in, and subject to the terms and conditions of, the Fourth Amended and Restated
Agreement of Limited Partnership of the Partnership (the “
Partnership Agreement
”), and are entitled to vote
on a one-for-one basis with the Common Units. The Preferred Units are convertible at the option of the Partnership at the times
set forth in, and subject to the terms and conditions of, the Partnership Agreement, and are entitled to vote on an as-converted
basis with the Common Units. Each Series A Preferred Unit will convert into a number of Common Units equal to the quotient (the
“
Series A Conversion Ratio
”) of (i) the sum of $10.00 and any unpaid distributions in respect of such Preferred
Unit divided by (ii) 75% of the volume-weighted average closing price of the Common Units for the preceding 90 trading days (the
“
VWAP
”); provided however, that the VWAP will be capped at a minimum of $2.00 and a maximum of $10.00. On December
31, 2021, all outstanding Preferred Units will convert into common units at the then applicable Series A Conversion Ratio.
**
Calculation of percentage based on a total of 12,905,799 Common Units and 1,235,534 Subordinated Units, and 1,500,000 Preferred
Units outstanding which are convertible into an estimated 4,395,604 Common Units at $3.41 per Common Unit, for a total of 18,536,937
Units outstanding, which, based upon information provided by the Company, is the number of Common Units, Subordinated Units and
Preferred Units issued and outstanding.
CUSIP
No.
76218Y 10 3
|
1.
Names of Reporting Person.
William
L. Tuorto
|
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
|
|
(a)
|
(b)
|
|
3.
SEC Use Only
|
4.
Source of Funds (See Instructions)
AF
|
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
[ ]
|
6.
Citizenship or Place of Organization
USA
|
Number of Shares Beneficially
Owned by
Each Reporting
Person With:
|
7. Sole Voting Power – N/A
|
8. Shared Voting Power – 7,373,251 *
|
9. Sole Dispositive Power – N/A
|
10.
Shared Dispositive Power – 7,373,251 *
|
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
7,373,251
*
|
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
13.
Percent of Class Represented by Amount in Row (11)
41.7%
**
|
14.
Type of Reporting Person (See Instructions)
IN
|
*
Amount of securities beneficially owned includes 6,676,912 Common Units representing limited partner interests (each, a “
Common
Unit
”) in Rhino Resource Partners LP (the “
Partnership
”), 1,060,339 Subordinated Units representing
limited partner interests in the Partnership (each, a “
Subordinated Unit
”), and 0 Series A Convertible Preferred
Units (each, a “
Preferred Unit
” and together with the Common Units and Subordinated Units, the “
Units
”),
owned by Royal Energy Resources, Inc. (“
Royal Energy
”). The Subordinated Units will convert into Common Units
on a one-for-one basis at the times set forth in, and subject to the terms and conditions of, the Fourth Amended and Restated
Agreement of Limited Partnership of the Partnership (the “
Partnership Agreement
”), and are entitled to vote
on a one-for-one basis with the Common Units. The Preferred Units are convertible at the option of the Partnership at the times
set forth in, and subject to the terms and conditions of, the Partnership Agreement, and are entitled to vote on an as-converted
basis with the Common Units. Each Series A Preferred Unit will convert into a number of Common Units equal to the quotient (the
“
Series A Conversion Ratio
”) of (i) the sum of $10.00 and any unpaid distributions in respect of such Preferred
Unit divided by (ii) 75% of the volume-weighted average closing price of the Common Units for the preceding 90 trading days (the
“
VWAP
”); provided however, that the VWAP will be capped at a minimum of $2.00 and a maximum of $10.00. On December
31, 2021, all outstanding Preferred Units will convert into common units at the then applicable Series A Conversion Ratio.
**
Calculation of percentage based on a total of 12,905,799 Common Units and 1,235,534 Subordinated Units, and 1,500,000 Preferred
Units outstanding which are convertible into an estimated 4,395,604 Common Units at $3.41 per Common Unit, for a total of 18,536,937
Units outstanding, which, based upon information provided by the Company, is the number of Common Units, Subordinated Units and
Preferred Units issued and outstanding.
CUSIP
No.
76218Y 10 3
|
1.
Names of Reporting Person.
Brian
Hughs
|
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
|
|
(a)
|
(b)
|
|
3.
SEC Use Only
|
4.
Source of Funds (See Instructions)
AF
|
5.
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
[ ]
|
6.
Citizenship or Place of Organization
USA
|
Number of Shares Beneficially
Owned by
Each Reporting
Person With:
|
7. Sole Voting Power – N/A
|
8. Shared Voting Power – 7,373,251 *
|
9. Sole Dispositive Power – N/A
|
10.
Shared Dispositive Power – 7,373,251 *
|
11.
Aggregate Amount Beneficially Owned by Each Reporting Person
7,373,251
*
|
12.
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
13.
Percent of Class Represented by Amount in Row (11)
41.7%
**
|
14.
Type of Reporting Person (See Instructions)
IN
|
*
Amount of securities beneficially owned includes 6,676,912 Common Units representing limited partner interests (each, a “
Common
Unit
”) in Rhino Resource Partners LP (the “
Partnership
”), 1,060,339 Subordinated Units representing
limited partner interests in the Partnership (each, a “
Subordinated Unit
”), and 0 Series A Convertible Preferred
Units (each, a “
Preferred Unit
” and together with the Common Units and Subordinated Units, the “
Units
”),
owned by Royal Energy Resources, Inc. (“
Royal Energy
”). The Subordinated Units will convert into Common Units
on a one-for-one basis at the times set forth in, and subject to the terms and conditions of, the Fourth Amended and Restated
Agreement of Limited Partnership of the Partnership (the “
Partnership Agreement
”), and are entitled to vote
on a one-for-one basis with the Common Units. The Preferred Units are convertible at the option of the Partnership at the times
set forth in, and subject to the terms and conditions of, the Partnership Agreement, and are entitled to vote on an as-converted
basis with the Common Units. Each Series A Preferred Unit will convert into a number of Common Units equal to the quotient (the
“
Series A Conversion Ratio
”) of (i) the sum of $10.00 and any unpaid distributions in respect of such Preferred
Unit divided by (ii) 75% of the volume-weighted average closing price of the Common Units for the preceding 90 trading days (the
“
VWAP
”); provided however, that the VWAP will be capped at a minimum of $2.00 and a maximum of $10.00. On December
31, 2021, all outstanding Preferred Units will convert into common units at the then applicable Series A Conversion Ratio.
**
Calculation of percentage based on a total of 12,905,799 Common Units and 1,235,534 Subordinated Units, and 1,500,000 Preferred
Units outstanding which are convertible into an estimated 4,395,604 Common Units at $3.41 per Common Unit, for a total of 18,536,937
Units outstanding, which, based upon information provided by the Company, is the number of Common Units, Subordinated Units and
Preferred Units issued and outstanding.
This
Amendment No. 4 to Schedule 13D modifies and supplements the Schedule 13D (the “
Original Statement
”) initially
filed on February 1, 2016, as amended by Amendment No. 1 to Schedule 13D filed on March 28, 2016, as amended by Amendment No.
2 to Schedule 13D filed on April 22, 2016, as amended by Amendment No. 3 filed on January 12, 2017, with respect to the common
units representing limited partner interests (each, a “
Common Unit
”) of Rhino Resource Partners LP (the “
Partnership
”).
Except to the extent provided by the information contained in this Amendment No. 3, the Original Statement, as modified by Amendment
Nos. 1 and 2, remains in full force and effect. Capitalized terms used herein without definition have the respective meanings
ascribed to them in the Statement.
ITEM
3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item
3 is hereby further supplemented by adding the following:
On
January 27, 2017, Royal Energy disposed of all of its 200,000 Series A Convertible Preferred Units (the “
Preferred Units
”)
for $10 per Preferred Unit in three separate transactions. 100,000 Preferred Units were conveyed to Weston Energy, LLC (“
Weston
”)
to repay $1,000,000 of indebtedness to Weston. The remaining 100,000 Preferred Units were sold to a third party for $10 per Preferred
Unit, and the proceeds were used to repay the balance of Royal Energy’s obligation to Weston.
ITEM
4. PURPOSE OF TRANSACTION
Item
4 is hereby further supplemented by adding the following:
On
January 27, 2017, Royal Energy disposed of all of its 200,000 Preferred Units in three separate transactions. As described in
Item 3, the proceeds were used to repay the balance of Royal Energy’s obligation to Weston.
ITEM
5. INTEREST IN SECURITIES OF THE ISSUER
(a)
— (b) The aggregate number and percentage of shares of Common Units beneficially owned by the Reporting Persons (on the
basis of a total of 12,905,799 Common Units, 1,235,534 Subordinated Units and 1,500,000 Preferred Units issued and outstanding
as reported to Royal Energy by Rhino are as follows:
Royal
Energy Resources, Inc.
|
|
a)
|
Amount
beneficially owned: 7,373,251
|
Percentage
41.7%
|
b)
|
Number
of shares to which the Reporting Person has:
|
|
|
i)
Sole power to vote or to direct the vote:
|
—
|
|
ii)
Shared power to vote or to direct the vote:
|
7,373,251
|
|
iii)
Sole power to dispose or to direct the disposition of:
|
—
|
|
iv)
Shared power to dispose or to direct the disposition of:
|
7,373,251
|
William
L. Tuorto
|
|
a)
|
Amount
beneficially owned: 7,373,251
|
Percentage
41.7%
|
b)
|
Number
of shares to which the Reporting Person has:
|
|
|
i)
Sole power to vote or to direct the vote:
|
—
|
|
ii)
Shared power to vote or to direct the vote:
|
7,373,251
|
|
iii)
Sole power to dispose or to direct the disposition of:
|
—
|
|
iv)
Shared power to dispose or to direct the disposition of:
|
7,373,251
|
Brian
Hughs
|
|
Amount
beneficially owned: 7,373,251
|
Percentage
41.7%
|
Number
of shares to which the Reporting Person has:
|
|
i)
Sole power to vote or to direct the vote:
|
—
|
ii)
Shared power to vote or to direct the vote:
|
7,373,251
|
iii)
Sole power to dispose or to direct the disposition of:
|
—
|
iv)
Shared power to dispose or to direct the disposition of:
|
7,373,251
|
The
total Units reported as beneficially owned by each of Royal Energy, Mr. Tuorto and Mr. Hughs include the Units reported as beneficially
owned by Royal Energy. Mr. Tuorto, as the chairman and chief executive officer of Royal Energy, may be deemed to share beneficial
ownership of any Units beneficially owned by Royal Energy, but he disclaims such beneficial ownership to the extent such beneficial
ownership exceeds his pecuniary interest in Royal Energy. Mr. Hughs, as a vice president and director of Royal Energy, may be
deemed to share beneficial ownership of any Units beneficially owned by Royal Energy, but he disclaims such beneficial ownership
to the extent such beneficial ownership exceeds his pecuniary interest in Royal Energy.
SIGNATURE
After
reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true,
complete and correct.
ROYAL
ENERGY RESOURCES, INC.
|
|
|
|
/s/
William L. Tuorto
|
|
Signature
|
|
William
L. Tuorto, CEO
|
|
Name/Title
|
|
/s/
William L. Tuorto
|
|
Signature
|
|
William
L. Tuorto, Individually
|
|
Name/Title
|
|
/s/
Brian Hughs
|
|
Signature
|
|
Brian
Hughs, Individually
|
|
Name/Title
|
|
The
original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If
the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner
of the filing person), evidence of the representative’s authority to sign on behalf of such person shall be filed with the
statement: provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated
by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.