Hycroft Mining announces $60M private placement priced at-the-market

Hycroft Mining (HYMC) is pleased to announce a non-brokered private placement, priced at-the-market under Nasdaq rules, consisting of 14,017,056 units at a price of $4.2805 per Unit for aggregate proceeds of $60M. Each Unit will be comprised of one share of common stock of the company and one-half of one common stock purchase warrant. Each Warrant will be exercisable to purchase one share of common stock of the company at a price of $6.00 per share for a period of 24 months with an accelerator provision. The Private Placement is being primarily subscribed to by Eric Sprott through 2176423 Ontario Ltd., a corporation beneficially owned by him (approximately 66% of the placement) and approximately 34% of the placement is being subscribed to by Tribeca Global Natural Resources Ltd.. Upon closing, Sprott’s beneficial ownership position in Hycroft increases from approximately 21% to 33%, and Tribeca will own approximately 8%. The Private Placement is subject to the satisfaction of customary closing conditions, with closing anticipated by September 10.