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 the proceeds from
the equity private placement and ATM Program for advancement of the
Initial Assessment in the 2022 Technical Report Summary to a
pre-feasibility and/or feasibility study, exploration at the
Hycroft Mine, and general corporate purposes which has or may
include the repayment, refinancing, redemption or repurchase of
existing indebtedness, working capital or capital expenditures and
other investments.
About Hycroft Mining Holding Corporation
Hycroft Mining Holding Corporation is a U.S.-based gold and
silver development company that owns the Hycroft Mine, a
well-established, world-class asset with a significant mineral
endowment in Northern Nevada, a
tier one mining jurisdiction. The company is focused on
transforming Hycroft into a large-scale mining operation by
developing a process for its large sulfide gold and silver mineral
resources on site. Additional information is available at
hycroftmining.com.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the Unites States Securities
Exchange Act of 1934, as amended, or the Unites States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included herein and public
statements by our officers or representatives, that address
activities, events or developments that our management expects or
anticipates will or may occur in the future, are forward-looking
statements, including but not limited to such things as future
business strategy, plans and goals, competitive strengths and
expansion and growth of our business. The words "estimate", "plan",
"anticipate", "expect", "intend", "believe" "target", "budget",
"may", "can", "will", "would", "could", "should", "seeks", or
"scheduled to" and similar words or expressions, or negatives of
these terms or other variations of these terms or comparable
language or any discussion of strategy or intention identify
forward-looking statements. Forward-looking statements address
activities, events or developments that the Company expects or
anticipates will or may occur in the future and are based on
current expectations and assumptions. These risks may include the
following and the occurrence of one or more of the events or
circumstances alone or in combination with other events or
circumstances, may have a material adverse effect on the Company's
business, cash flows, financial condition and results of
operations. Please see our "Risk Factors" set forth in our 8-Ks
filed on March 15, 2022 and Annual
Report on Form 10-K for the year ended December 31, 2020, as amended May 14, 2021, and other reports filed with the
SEC for more information about these and other risks. You are
cautioned against attributing undue certainty to forward-looking
statements. Although we have attempted to identify important
factors that could cause actual results to differ materially from
those described in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Although these forward-looking statements were based on
assumptions that the Company believes are reasonable when made, you
are cautioned that forward-looking statements are not guarantees of
future performance and that actual results, performance or
achievements may differ materially from those made in or suggested
by the forward-looking statements contained in this news release.
In addition, even if our results, performance, or achievements are
consistent with the forward-looking statements contained in this
news release, those results, performance or achievements may not be
indicative of results, performance or achievements in subsequent
periods. Given these risks and uncertainties, you are cautioned not
to place undue reliance on these forward-looking statements. Any
forward-looking statements made in this news release speak only as
of the date of those statements, and we undertake no obligation to
update those statements or to publicly announce the results of any
revisions to any of those statements to reflect future events or
developments.
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SOURCE Hycroft Mining Holding Corporation