Business
Hycroft Mining Completes $138.6 Million At-The-Market Equity Offering Program
Balance Sheet Strengthened With $194.4 Million In Gross Proceeds From Recent Equity Investments WINNEMUCCA, Nev., March 25, 2022 /PRNewswire/ -- Hycroft Mining
About this update from Hycroft Mining Holding Corporation
[{"type":"text","content":"Balance Sheet Strengthened With $194.4 Million In Gross Proceeds From Recent Equity Investments WINNEMUCCA, Nev., March 25, 2022 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) (\"Hycroft\" or the \"Company\"), a precious metals development company that owns the Hycroft Mine located in the world-class mining region of Northern Nevada, today announced that it has completed its previously disclosed \"at-the-market\" equity offering program (the \"ATM Program\"). As previously disclosed on March 15, 2022, Hycroft launched the ATM Program which provided for the offer and sale, from time to time, of shares of its Class A common stock (the \"Shares\"). Through the ATM Program, Hycroft sold 89,553,584 Shares and generated aggregate gross proceeds before commissions and offering expenses of approximately $138.6 million. Following consummation of all sales under the ATM Program, Hycroft will have 196,803,459 Shares issued and outstanding. Diane Garrett, President, CEO and Acting Chairman of Hycroft, commented, \"We are extremely pleased with this successful financing which places the Company on solid footing to advance the Hycroft Mine as well as opening up additional opportunities for the Company. Thanks to the significant and timely equity private placement announced March 15, 2022, with Eric Sprott and AMC Entertainment Inc., combined with the ATM equity program completed today, our financial position is significantly strengthened allowing us to reduce our debt and extend repayment to 2027. Raising gross cash proceeds of $194.4 million changes the dynamics of the Company, expanding our ability to properly and diligently develop the Hycroft Mine, including a robust exploration program, and to further unlock the value of this world-class asset. We welcome our new shareholders to the Company and look forward to updating you with ongoing developments.\" On March 15, 2022, Hycroft also announced a $55.9 million equity private placement with precious metals investor Eric Sprott and AMC Entertainment Holdings, Inc. with the issuance of 46,816,480 units, with each unit consisting of one common share and one common share purchase warrant. As previously disclosed, the Company intends to use...