Ramaco Resources (METC, METCB) said Thursday it closed a public offering of nearly 10.7 million class A common shares at $18.75 apiece for gross proceeds of around $200 million.

Selling stockholders offered underwriters a 30-day overallotment option to buy up to an additional $30 million of class A shares at the offering price, which was exercised in full. The sale is expected to close Friday, and Ramaco will not receive any proceeds from the sale of additional shares.

The company said it will use the proceeds to speed up the development of its rare earth elements and critical minerals project and for general corporate purposes.

Price: 20.39, Change: -0.13, Percent Change: -0.65