Hycroft Mining Holding Corp. (HYMC), a gold and silver producer has surged 17.10% in the premarket trading session. Consequently, the stock was trading at $1.78 when last checked. During Tuesday’s regular trading session, the stock rose by 9.35% to close the day at $1.52. The stock is on a consistent rise following the announcement from the company regarding the equity investment.
On Tuesday, Hycroft announced to have entered into a $56 million equity placement with Eric Sprott, a precious metal investor, and AMC Entertainment Holdings, Inc. According to the placement, both Mr. Eric and AMC would invest a cash sum of $27.9 million in the company. In exchange for that, both parties would get 23,408,240 units. One single unit comprises one common share of HYMC stock and one common share purchase warrant. The price of each unit is placed at $1.193.
HYMC Announced 2021 Results
On 22nd February, HYMC announced preliminary operating results for 2021. The safety performance of the company was significantly improved. At the end of 2021, it had a 0.64 Total Recordable Injury Frequency Rate, which depicted an 80% reduction compared to the end of 2020. At the end of January 2022, the Total Recordable Injury Frequency Rate improved to 0.31. During fiscal 2021, the company was able to produce 55,668 ounces, while silver production stood at 355,967 ounces.
BoD Chairman Appointment
On the 15th of December, HYMC announced that Diane R. Garrett, CEO, and President of the company, has assumed the role of Acting Chairman of the Board of Directors. The move has come after Eugene Davis announced that he was stepping down from the role with an immediate effect. In addition to that, Thomas Weng had been appointed as the lead independent director of the company.
What’s Ahead for HYMC?
Looking ahead, analysts are of the view that short-term signals are looking positive for HYMC stock at the moment, hence, it is expected to perform strongly in the next couple of weeks.