AMC STOCK UPDATE:
AMC buying 22% of Hycroft Mining Holding Corporation, and to receive an additional 23.4 million warrants in Hycroft at $1.07 per share. Making an investment equal to AMC is Eric Sprott, one of the world’s leading gold and silver investors. The 71,000 acre Hycroft Mine in northern Nevada is one of North America’s largest development sites
AMC Theatres the largest theatrical exhibitor in the United States today announced that “it is buying 22% of Hycroft Mining Holding Corporation (NASDAQ:HYMC) and its 71,000 acre Hycroft Mine in northern Nevada. Independent third-party studies confirm that the Hycroft Mine has some 15 million ounces of gold deposits and some 600 million ounces of silver deposit. In addition, AMC will receive an additional 23.4 million warrants in Hycroft at $1.07 per share.
Making an investment equal to AMC is Eric Sprott, one of the world’s leading gold and silver investors. Combined, AMC and Mr. Sprott are investing $56 million, which will help Hycroft considerably lengthen its financial runway. With its investment, AMC has been granted the right to appoint a representative to the Hycroft Board of Directors.
AMC and Mr. Sprott will each invest $27.9 million in cash in Hycroft in exchange for 23,408,240 units, with each unit consisting of one common share of Hycroft and one common share purchase warrant (the “Units”). The Units are priced at $1.193, which complies with the minimum bid price required by Nasdaq for an at-the-market purchase. Each purchase warrant is exercisable for one common share of Hycroft at a price of $1.068 per share and will carry a five-year term from the date of issuance. The closing of the Private Placement is expected to occur on or about March 15, 2022.”