Hycroft completes $60m private placement for mine development

Core Viewpoint - Hycroft Mining has successfully closed a $60 million non-brokered private placement aimed at mine development, led by investor Eric Sprott [1][4]. Funding and Use of Proceeds - The funds raised will be allocated for the development of the Hycroft gold-silver mine and for the company's working capital, including general corporate activities [2]. - The private placement consisted of over 14 million units priced at $4.2805 each, with each unit comprising one common share and a one-half common warrant [1]. Mine Infrastructure and Operations - The Hycroft mine, located in Nevada's Sulfur Mining District, is equipped for both heap leach and milling operations and has significant existing infrastructure [2]. - The project includes facilities for three-stage crushing, leach pads, and Merrill Crowe plants, along with a refinery [3]. Ownership and Investment Details - Following the placement, Eric Sprott acquired 9,344,704 units, resulting in approximately 33% ownership of Hycroft Mining's common shares and 10,188,176 warrants [4]. - Tribeca Global Natural Resources holds an approximate 8% stake after purchasing 4,438,734 units, while other investors contributed $1 million by acquiring 233,618 units [4]. Financial Position - After the completion of the private placement, Hycroft Mining's unrestricted cash reserves are approximately $129 million [3].