AMC to buy 22% stake in Hycroft Mining

Hycroft Mining Holding

15/03/2022 12:49

** Shares of precious metals miner Hycroft Mining Holding
Corp  HYMC.O  jump 43.2% to $1.99 premarket
    ** Theater operator and popular meme stock AMC Entertainment
Holdings Inc  AMC.N  is buying ~22% of HYMC, as well as an
additional 23.4 million Hycroft warrants at $1.07/shr
 urn:newsml:reuters.com:*:nBw5KmqBLa  urn:newsml:reuters.com:*:nPn9Nctmla
    ** HYMC is a gold and silver miner that has faced liquidity
challenges and has generally traded in a volatile penny-stock
range; co had $12.3 million of cash on hand at the end of 2021
    ** HYMC drew retail investor interest as gold prices rose
amid the Russia-Ukraine crisis  urn:newsml:reuters.com:*:nL3N2VB2XP
    ** Gold prices  XAU=  down more than 1% on Tuesday after
breaching the $2,000 mark last week
    ** Canadian precious metals fund manager Eric Sprott will
also own another ~22% of HYMC stock  urn:newsml:reuters.com:*:nL3N2VI2XH
    ** AMC and Sprott's combined investment is worth almost $56
mln, which HYMC plans to use for "general corporate purposes"
which may include debt repayment
    ** AMC has the right to appoint a representative to HYMC's
board
    ** Separately, AMC CEO Adam Aron tweeted https://twitter.com/CEOAdam/status/1501962022409445385?s=20&t=sVlgT0YhWd9RLHrk_1Ifjw
 last week that the AMC Theatres website has begun accepting
Dogecoin and Shiba Inu for online payments
    

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AMC Entertainment to buy 22% of Hycroft Mining    https://tmsnrt.rs/3KFpEoq
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 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com;
Twitter: https://twitter.com/ruhithere;))