9 Dec 2014securities registration● Neutral
Hycroft Mining Corp filed the final prospectus for a registered offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2014material agreement● NeutralMajor
On December 9, 2014 the company agreed with H.C. Wainwright and Canaccord Genuity to sell shares and warrants on a reasonable best efforts basis, with institutional purchasers named in the exhibits. Each unit is one share plus 0.5 warrant for $1.00, with full warrants exercisable at $1.10 for five years. Purchasers get a right to take up to 50% of any equity financing in the next year, and the company may not do variable-rate share issuances while warrants are outstanding. Placement fees are 5% of gross proceeds plus other fees. Closing was expected around December 12.
9 Dec 2014securities registration● Neutral
Hycroft Mining Corp filed a prospectus supplement for an offering off its existing shelf.
9 Dec 2014securities registration● Neutral
Hycroft Mining Corp filed a prospectus supplement for an offering off its existing shelf.
19 Nov 2014securities registration● Neutral
Hycroft Mining Corp registered a securities offering with the SEC using its shelf eligibility.
10 Nov 2014substantial holder notice● Neutral
The Bank of New York Mellon Corporation reported a Hycroft Mining Corp shareholding of 2,205,581 shares (2.11% of votes) in a periodic institutional filing.
3 Nov 2014quarterly activities report▼ Bad
Hycroft Mining Corp reported a quarterly net loss of $62.4 million for the period ended 2014-09-30.
3 Nov 2014quarterly activities report▼ Bad
Hycroft Mining Corp reported a quarterly net loss of $62.4 million for the period ended 2014-09-30.
15 Oct 2014quarterly activities report▼ Bad
Hycroft Mining Corp reported a quarterly net loss of $62.4 million for the period ended 2014-09-30.
9 Oct 2014substantial holder notice● Neutral
Van Eck Associates Corporation reported a Hycroft Mining Corp shareholding of 11,397,295 shares (10.92% of votes) in a periodic institutional filing.
4 Aug 2014quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $4.4 million for the period ended 2014-06-30.
4 Aug 2014quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $4.4 million for the period ended 2014-06-30.
11 July 2014quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $4.4 million for the period ended 2014-06-30.
12 May 2014substantial holder notice● Neutral
Wellington Management Company, LLP reported a Hycroft Mining Corp shareholding of 1,182,190 shares (1.13% of votes) in a periodic institutional filing.
9 May 2014debt financing▲ GoodMajor
On May 8, 2014 the company replaced its December 2013 credit agreement with a Third Amended and Restated one led by Bank of Nova Scotia, with Wells Fargo as co-collateral agent. The amount available rises to up to $75.0M from $40.0M, based on 80% of the value of gold and silver in leach pad, in-process and finished inventory less remaining costs. Pricing (LIBOR plus 4.50%), security and the April 30, 2016 maturity are unchanged. A new covenant requires at least $10.0M of cash in Wells Fargo deposit accounts, alongside the existing net worth ($437.0M plus 25% of positive quarterly income), 1.25:1.0 current ratio and 600,000-ounce reserve tail tests.
5 May 2014quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $332 thousand for the period ended 2014-03-31.
23 Apr 2014asset acquisition disposition● NeutralMajor
On April 22, 2014 the company signed the definitive agreement with West Kirkland's subsidiary and completed the sale of a 75% controlling interest in Hasbrouck, Three Hills and 37 patented exploration claims, at the same $30.0M total price. $20.0M is cash ($0.5M earlier, $19.5M at closing), and the remaining $10.0M for the 25% interest it keeps is due within 30 months, or the property goes into a 75/25 joint venture. This closes the January letter agreement. A press release on the Hycroft mill expansion prefeasibility study results was also furnished, but its figures are not in this filing text.
8 Apr 2014quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $332 thousand for the period ended 2014-03-31.
24 Feb 2014quarterly activities report▼ Bad
Hycroft Mining Corp reported a quarterly net loss of $16.6 million for the period ended 2013-12-31.
14 Feb 2014substantial holder notice● Neutral
Wellington Management Company, LLP reported a Hycroft Mining Corp shareholding of 7,707,116 shares (7.41% of votes) in a periodic institutional filing.
13 Feb 2014substantial holder notice● Neutral
Guggenheim Capital, LLC, Guggenheim Partners, LLC, GI Holdco II, LLC, GI Holdco, LLC, Guggenheim Partners Investment Management Holdings, LLC disclosed a new substantial Hycroft Mining Corp shareholding (5.00% of votes).
10 Feb 2014substantial holder notice● Neutral
The Vanguard Group reported a Hycroft Mining Corp shareholding of 5,650,279 shares (5.43% of votes) in a periodic institutional filing.
28 Jan 2014substantial holder notice● Neutral
The Bank of New York Mellon Corporation reported a Hycroft Mining Corp shareholding of 10,831,595 shares (10.42% of votes) in a periodic institutional filing.
28 Jan 2014substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial Hycroft Mining Corp shareholding (6.90% of votes).
28 Jan 2014material agreement● NeutralMajor
On January 24, 2014 the company signed a letter agreement to sell Hasbrouck, Three Hills and certain exploration properties to West Kirkland Mining for $30.0M: $0.5M paid at signing, $19.5M at closing within 90 days, and $10.0M within 30 months of closing. If the final payment is not made or the company declines it, the property goes into a joint venture with West Kirkland at 75% and the company at 25%. The sale needs a definitive agreement, regulatory approvals and West Kirkland securing financing. This is the Hasbrouck project assessed in the February 2012 PEA. The filing also reports a milling and oxidation pilot plant study and the hiring of Garry Keizer as VP, Capital Projects.
9 Jan 2014quarterly activities report▼ Bad
Hycroft Mining Corp reported a quarterly net loss of $16.6 million for the period ended 2013-12-31.
30 Dec 2013debt financing▼ BadMajor
On December 27, 2013 the company replaced its credit agreement with a Second Amended and Restated one with Bank of Nova Scotia as agent and lender, cutting the borrowing base to up to $40.0M from $120.0M. It bears interest at LIBOR plus 450 bps, is secured by substantially all assets, matures April 30, 2016, and drops the interest coverage and leverage ratio covenants in favour of tangible net worth ($437.0M plus 25% of positive quarterly net income after September 30, 2013), a 1.25:1.0 current ratio and a 600,000-ounce heap leach reserve tail. Three other lenders are no longer lenders. Separately, from January 10, 2014 the company must cash collateralize or post a letter of credit for the settlement value of C$90.0M of the notes' cross currency swap (about $8.2M as of December 27, 2013), and it intends to use the credit facility for letters of credit.
10 Dec 2013substantial holder notice● Neutral
The Bank of New York Mellon Corporation disclosed a new substantial Hycroft Mining Corp shareholding (10.34% of votes).
5 Nov 2013substantial holder notice● Neutral
Royce & Associates, LLC reported a Hycroft Mining Corp shareholding of 707,822 shares (0.68% of votes) in a periodic institutional filing.
5 Nov 2013quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $5.0 million for the period ended 2013-09-30.