Hycroft Mining Holding Corp (NASDAQ:HYMC) shares are surging Tuesday morning after AMC Entertainment Holdings Inc (NYSE:AMC) announced it's buying a 22% stake in the company.
Making an investment equal to AMC is Eric Sprott, one of the world’s leading gold and silver investors. Together, AMC and Sprott will invest $56 million, which will help Hycroft "considerably lengthen its financial runway."
AMC and Sprott will receive 23.4 million units, with each unit consisting of one common share and one warrant.
"Our strategic investment being announced today is the result of our having identified a company in an unrelated industry that appears to be just like AMC of a year ago," said Adam Aron, chairman and CEO of AMC Entertainment.
Hycroft Mining is a gold and silver producer with an operating mine in Nevada.
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HYMC 52-Week Range: $0.28 - $7.47
Hycroft shares were up 92.1% at $2.67 at time of publication.
