PITTSBURGH, Jan. 24, 2017 /PRNewswire/ -- The Board of Directors of CNX Coal Resources GP LLC, the general partner of CNX Coal Resources LP (NYSE: CNXC), today announced a cash distribution $0.5125 per unit to all limited partner unitholders and the holder of the general partner interest. The Board of Directors has also approved a full cash distribution of approximately $1.85 million in the aggregate to the holders of the convertible Class A preferred units. The distribution to all unitholders of the Partnership will be made on February 15, 2017 to such holders of record at the close of business on February 9, 2017.
CNX Coal Resources also announced that it intends to file a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC) after it files its Annual Report on Form 10-K for the year ended December 31, 2016, which is currently expected to be filed with SEC on or around February 8, 2017. The shelf registration statement will be subject to review by the SEC and will not become effective until the SEC review process has been completed. Accordingly, the securities covered by the registration statement may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective.
If and when the shelf registration statement is declared effective by the SEC, it will allow CNX Coal Resources the flexibility to offer and sell, from time to time over a three-year period, in one or more public offerings up to a total aggregate of up to $750 million of: (i) common units representing limited partnership interests of the Company; (ii) preferred units representing limited partnership interest of the Company; and (iii) debt securities. The shelf registration statement may also register the resale of common units currently owned by CONSOL Energy Inc. and Greenlight Capital, which may be included in the shelf registration statement as required by existing registration rights agreements with CONSOL Energy Inc. and Greenlight Capital. CNXC does not contemplate any particular transaction (for its own account or for CONSOL Energy Inc. or Greenlight Capital). Any offering under the shelf registration statement may be made only by means of the prospectus included in the registration statement, as supplemented by one or more related prospectus supplements with respect to that offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities of CNX Coal Resources or its subsidiaries, nor shall there be a sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
CNX Coal Resources is a growth-oriented master limited partnership formed by CONSOL Energy Inc. (NYSE: CNX) to manage and further develop all of CONSOL's active coal operations in Pennsylvania. Its assets include a 25% undivided interest in, and operational control over, CONSOL's Pennsylvania mining complex, which consists of three underground mines and related infrastructure. More Information is available on our website www.cnxlp.com
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SOURCE CNX Coal Resources LP