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Benzinga
Benzinga
Business
Shanthi Rexaline

AMC 'Playing On Offense Again,' Picks Up 22% Stake In Gold And Silver Miner Hycroft: What Investors Should Know

AMC Hycroft Adam Aron AMC Entertainment

In an unexpected development, movie theater chain AMC Entertainment Holdings, Inc. (NYSE:AMC) announced Tuesday the company's diversification into an unrelated venture.

What Happened: AMC said it is picking up a 22% stake in Hycroft Mining Holding Corporation (NASDAQ:HYMC) and its 71,000 acre Hycroft mine in northern Nevada. AMC also noted that Eric Sprott, a gold and silver investor, will make an equal investment in the company. Together, the combined investment is valued at $56 million, with each contributing $27.9 million in cash in exchange for 23,408,240 units of Hycroft.

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