LEXINGTON, Ky., July 19, 2021 /PRNewswire/ -- On July 15 and 16, 2021, Ramaco Resources, Inc.
(NASDAQ: METC) (the "Company" or "Ramaco Resources") prevailed and
was awarded an approximately $32.7
million jury verdict in its lawsuit against insurance
companies indirectly owned by Chubb INA Holdings, Inc. ("Chubb").
The claim was litigated in the United
States District Court for the Southern District of
West Virginia (the "Southern
District of West Virginia"). It
arose from Chubb's denial of insurance coverage of damages incurred
by the Company from the collapse of a coal storage silo, which
occured at the Company's Elk Creek
coal complex in West Virginia on
November 5, 2018.
Based on the denial of this coverage, the Company filed suit
against Chubb in August 2019, which
was ultimately heard before the Federal court in the Southern
District of West Virginia. On
July 15, 2021, the jury returned a
verdict in favor of the Company for $7,653,057 in compensatory damages and on
July 16, 2021, made an additional
award of $25,000,000 for
inconvenience and aggravation. The Company will seek to
additionally recover its attorney's fees and costs. This verdict is
not final and may be subject to post-trial motions or appeal.
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is an operator and developer of
high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in
Lexington, Kentucky, with
operational offices in Charleston, West
Virginia. The Company has five active mines within two
mining complexes at this time.
News and additional information about Ramaco Resources,
including filings with the Securities and Exchange Commission, are
available at http://www.ramacoresources.com. For more
information, contact investor relations at (859) 244-7455.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Ramaco Resources' expectations or beliefs
concerning guidance, future events, anticipated revenue, future
demand and production levels, macroeconomic trends, the development
of ongoing projects, costs and expectations regarding operating
results, and it is possible that the results described in this news
release will not be achieved. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of Ramaco Resources' control, which could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These factors include, without
limitation, risks related to the outcome of pending litigation and
the potential for future appeals. Any forward-looking statement
speaks only as of the date on which it is made, and, except as
required by law, Ramaco Resources does not undertake any obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise. New factors
emerge from time to time, and it is not possible for Ramaco
Resources to predict all such factors. When considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements found in Ramaco Resources'
filings with the Securities and Exchange Commission ("SEC"),
including its Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q. The risk factors and other factors noted in
Ramaco Resources' SEC filings could cause its actual results to
differ materially from those contained in any forward-looking
statement.
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SOURCE Ramaco Resources, Inc.