Hycroft Mining News: Why Is HYMC Stock Soaring Today?

Hycroft Mining (NASDAQ:HYMC) stock is rising higher on Monday as it wraps up recent offerings to raise funds.

Macro of silver representing Hycroft Mining News.

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Hycroft Mining notes that it’s completed an at-the-market equity offering program. This saw it sell a total of 89,553,584 for a total of $138.6 million. That currently has 196,803,459 shares of HYMC stock issued and outstanding.

But that’s not the only funds rasing news that Hycroft Mining investors need to know about. It also raised an additional $55.9 million thanks to a private placement. That brings its total funds raised to $194.4 million.

It’s worth pointing out that the private placement came from AMC Entertainment (NYSE:AMC). The meme stock company revealed plans to invest in the precious metals company earlier this month.

So what does Hycroft Mining expect to do with all this money? Let’s let chairman, president and CEO Diane Garrett explain.

“Thanks to the significant and timely equity private placement announced March 15, 2022, with Eric Sprott and AMC Entertainment Inc., combined with the ATM equity program completed today, our financial position is significantly strengthened allowing us to reduce our debt and extend repayment to 2027.”

News of the equity raised by Hycroft Mining is also attracting traders with heavy volume today. As of this writing, more than 168 million shares of the company’s stock have changed hands. That’s quite the jump from its daily average trading volume of 28.9 million shares.

HYMC stock is up 53% as of Monday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

 


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