Hycroft announces $100 million public stock offering

Hycroft Mining Holding Corporation (NASDAQ: HYMC) announced a proposed public underwritten offering of Class A common stock for gross proceeds of approximately $100 million.

The Nevada-based gold and silver mining company plans to use net proceeds from the offering to expand and accelerate exploration and drilling programs at the Hycroft Mine in northern Nevada. The funds will also address general corporate and working capital needs, including paying down existing debt obligations at a discount to face value.

BMO Capital Markets will serve as lead book-running manager, with Paradigm Capital acting as book-running manager for the offering. SCP Resource Finance LP is acting as capital markets advisor. The offering will be priced based on market conditions, with final terms to be determined when entering into an underwriting agreement.

Hycroft will grant underwriters a 30-day option to purchase up to an additional 15% of the base offering. The closing remains subject to customary conditions, including entering into a definitive underwriting agreement.

The offering is being made pursuant to an effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission. A preliminary prospectus supplement describing the offering terms will be filed with the SEC.

The company operates the Hycroft Mine, which it describes as among the world's largest precious metals deposits. After a history of oxide heap leaching operations, Hycroft is working on technical studies to transition the mine into the next phase of commercial operations for processing sulfide ore.

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