American Resources (AREC) said Wednesday that it has obtained access to a $20 million equipment leasing facility from Maxus Capital Group through its ReElement Technologies subsidiary.

The financing will be used for large-scale equipment purchases to expand the rare earth and battery materials production lines at ReElement's Marion and Noblesville facilities in Indiana, American Resources said.

Shares of American Resources were down 1.9% in recent trading Wednesday.

Price: 2.05, Change: -0.04, Percent Change: -1.91