DENVER, Sept. 29, 2020 /PRNewswire/ -- Hycroft Mining
Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company"),
today announced that it intends to offer 7,220,000 units, with each
unit consisting of one share of its common stock and one warrant to
purchase one share of common stock in an underwritten public
offering (the "Offering"). BMO Capital Markets Corp., Stifel,
Nicolaus & Company, Incorporated and Canaccord Genuity LLC are
acting as Joint Bookrunners for the Offering (the "Bookrunners")
with Cormark Securities acting as Co-Manager.
The Company intends to use the net proceeds from this Offering
to fund working capital expenditures as it continues to ramp up
operations at the Hycroft Mine, including construction of a new
leach pad and associated infrastructure, and for general corporate
purposes.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission ("SEC") but has
not yet become effective. These securities may not be sold
nor may offers to buy be accepted prior to the time the
registration statement becomes effective.
The preliminary prospectus relating to the Offering has been
filed with the SEC and may be found on the SEC's website at
www.sec.gov. Copies can be obtained by contacting BMO Capital
Markets Corp., Attn: Equity Syndicate Department, 3 Times Square,
25th Floor, New York, NY 10036,
tel: (800) 414-3627, email: bmoprospectus@bmo.com.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Any offer of the securities will be made only by
means of a prospectus, forming part of the effective registration
statement, the applicable preliminary prospectus supplement and
other related documents.
About Hycroft Mining Holding Corporation
Hycroft is a US-based, gold and silver producer operating the
Hycroft mine located in the world-class mining region of
Northern Nevada. The Hycroft mine
features one of the largest gold/silver deposits in the world with
a low-capital, low-cost process, and a 34-year mine life.
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 statements
involve known and unknown risks, uncertainties, assumptions and
other factors which may cause our actual results, performance or
achievements to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. 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.
Forward-looking statements include, but are not limited to:
use of proceeds from the offering; industry-related risks
including: fluctuations in the price of gold and silver;
uncertainties concerning estimates of reserves and mineralized
material; uncertainties relating to the ongoing COVID–19 pandemic;
the intense competition within the mining industry and state of
Nevada; the inherently hazardous
nature of mining activities, including environmental risks; our
insurance may not be adequate to cover all risks associated with
our business, or cover the replacement costs of our assets;
potential effects on our operations of U.S. federal and state
governmental regulations, including environmental regulation and
permitting requirements; cost of compliance with current and future
government regulations; uncertainties relating to obtaining or
retaining approvals and permits from governmental regulatory
authorities; potential challenges to title in our mineral
properties; risks associated with proposed legislation in
Nevada that could significantly
increase the costs or taxation of our operations; and changes to
the climate and regulations and pending legislation regarding
climate change; business-related risks including: risks related to
our liquidity and going concern considerations; risks related to
the heap leaching process at the Hycroft Mine and estimates of
production; our ability to achieve our estimated production and
sales rates and stay within our estimated operating and production
costs and capital expenditure projections; risks related to our
limited experience with a largely untested process of oxidizing and
heap leaching sulfide ores; the decline of our gold and silver
production; risks related to our reliance on one mine with a new
process; uncertainties and risks related to our reliance on
contractors and consultants; uncertainties related to our ability
to replace and expand our ore reserves; the costs related to our
land reclamation requirements; availability and cost of equipment,
supplies, energy, or commodities; the commercial success of, and
risks relating to, our development activities; risks related to
slope stability; risks related to our ability to raise capital on
favorable terms or at all; risks related to our substantial
indebtedness, including cross acceleration and our ability to
generate sufficient cash to service our indebtedness; uncertainties
resulting from the possible incurrence of operating and net losses
in the future; risks related to disruption of our business due to
the historical chapter 11 proceedings; the loss of key personnel or
our failure to attract and retain personnel; risks related to
technology systems and security breaches; risks related to current
and future legal proceedings; our current intention or future
decisions whether or not to use streaming or forward-sale
arrangements; risks associated with possible future joint ventures;
and risks that our principal stockholders will be able to exert
significant influence over matters submitted to stockholders for
approval; risks related to our securities, including: volatility in
the price of our common stock; risks related to a lack of liquidity
in the trading of our common stock and warrants; potential declines
in the value of our common stock and warrants due to substantial
future sales of our common stock and/or warrants; dilution of an
investment in our common stock and warrants; we do not intend to
pay cash dividends; and anti–takeover provisions could make a third
party acquisition of us difficult. These statements involve known
and unknown risks, uncertainties, assumptions and other factors
which may cause our actual results, performance or achievements to
be materially different from any results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking statements are based on current
expectations. Although our management believes that its
expectations are based on reasonable assumptions, we can give no
assurance that these expectations will prove correct. Please see
our "Risk Factors" set forth in the preliminary prospectus included
in our Registration Statement on Form S-1 (File No.
333-248516), as it may be further amended, relating to the
offering, filed with the SEC for more information about these and
other risks. Potential investors 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
presentation, 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 presentation speak only as
of the date of those statements, and we undertakes 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