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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Oct 2013quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $5.0 million for the period ended 2013-09-30.
1 Oct 2013material agreement● Neutral
On September 30, 2013 a third amendment to the credit agreement changed the interest coverage and leverage ratio limits for the quarter ended September 30, 2013, with original limits returning October 1, 2013. It also requires the company to calculate certain ratios on a pro forma basis each time it requests credit. This is the third consecutive temporary covenant adjustment (March, June, September 2013).
6 Aug 2013quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $4.2 million for the period ended 2013-06-30.
6 Aug 2013quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $4.2 million for the period ended 2013-06-30.
28 June 2013material agreement● Neutral
On June 27, 2013 the company again amended its credit agreement with Bank of Nova Scotia and other lenders, changing the interest coverage and leverage ratio limits for the quarter ended June 30, 2013 only. The original limits are to return for the quarter ended September 30, 2013. This is a second temporary relaxation after the March 2013 one.
17 May 2013capital raising announcement● NeutralMajor
The bought-deal share sale closed May 17, 2013: 14,000,000 shares at $10.75 for gross proceeds of $150.5M, with an underwriters' option for 2,100,000 more shares (up to $173.1M total if fully used). Proceeds are intended for Hycroft mine capital spending and general corporate purposes. This completes the offering announced May 2 and adds shares to the share count.
What it means for a shareholder
14.0m new shares at $10.75 to raise about $151m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held $1,000 of shares (93 at the issue price), your slice goes from 0.000103% to 0.0000895% of the company. To keep it you'd need 14 more shares - about $151 at the issue price.
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10 May 2013substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial Hycroft Mining Corp shareholding (12.09% of votes).
9 May 2013securities registration● Neutral
Hycroft Mining Corp filed the final prospectus for a registered offering.
3 May 2013material agreement● NeutralMajor
On May 2, 2013 the company agreed to sell 14,000,000 common shares at $10.75 each to underwriters led by Dundee Securities and Cormark Securities, with a 30-day option for 2,100,000 more, and a 5.0% commission. Closing was expected May 17, 2013. The lead underwriter is a subsidiary of Dundee Corporation, where director Murray Sinclair is also a director. For shareholders this means new shares being issued.
2 May 2013securities registration● Neutral
Hycroft Mining Corp filed a prospectus supplement for an offering off its existing shelf.
2 May 2013securities registration● Neutral
Hycroft Mining Corp filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
30 Apr 2013quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $8.8 million for the period ended 2013-03-31.
30 Apr 2013quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $8.8 million for the period ended 2013-03-31.
18 Apr 2013substantial holder notice● Neutral
GCIC Ltd., One Adelaide Street East disclosed a new substantial Hycroft Mining Corp shareholding (4.38% of votes).
29 Mar 2013debt financing● NeutralMajor
On March 26, 2013 the company amended its Oct 31, 2012 credit agreement with Bank of Nova Scotia and other lenders to temporarily change the interest coverage and leverage ratio limits for the quarter ended March 31, 2013, to accommodate accelerated equipment deliveries for the Hycroft expansion; original limits return from June 30, 2013. On March 27 Hycroft's subsidiary signed a Caterpillar Financial agreement for up to $60.0M of security deposits and up to $90.0M of seven-year capital lease loans for three electric rope shovels, guaranteed by the parent; $37.9M of deposits had been advanced by March 29, 2013 and no lease loans were outstanding. This is the Caterpillar shovel financing from the 2011 orders, in a specific form.
25 Feb 2013quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $16.1 million for the period ended 2012-12-31.
22 Feb 2013substantial holder notice● Neutral
The Vanguard Group reported a Hycroft Mining Corp shareholding of 4,706,774 shares (5.24% of votes) in a periodic institutional filing.
13 Feb 2013substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial Hycroft Mining Corp shareholding (5.37% of votes).
3 Jan 2013substantial holder notice● Neutral
Royce & Associates, LLC reported a Hycroft Mining Corp shareholding of 5,971,707 shares (6.66% of votes) in a periodic institutional filing.
5 Nov 2012quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $13.4 million for the period ended 2012-09-30.
5 Nov 2012quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $13.4 million for the period ended 2012-09-30.
3 Oct 2012substantial holder notice● Neutral
Carl Pescio, Janet Pescio reported a Hycroft Mining Corp shareholding of 4,553,800 shares (5.10% of votes) in a periodic institutional filing.
7 Aug 2012quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $6.1 million for the period ended 2012-06-30.
7 Aug 2012quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $6.1 million for the period ended 2012-06-30.
29 May 2012debt financing● NeutralMajor
The CDN$400M 8.75% senior unsecured notes sold to Scotia Capital and GMP Securities closed on May 25, 2012, with net proceeds of C$389.0M (US$389.6M after the swap). The notes mature June 1, 2019, pay interest each June 1 and December 1 from December 1, 2012, and are guaranteed by the company's wholly-owned domestic subsidiaries. Proceeds are intended for Hycroft mine expansion capital spending. A May 24 second amendment to the Bank of Nova Scotia credit agreement allowed the swap (effective US$400.4M at 8.375%). This resolves the pending notes closing.
18 May 2012material agreement● NeutralMajor
On May 15, 2012 the company agreed with Scotia Capital and GMP Securities that they would buy, on a bought deal basis, CDN$400M of 8.75% senior unsecured notes, with closing expected May 25, 2012. A cross currency swap with Bank of Nova Scotia gives an effective principal of US$400.4M and effective rate of 8.375%. Dealers get a 2.75% commission, and net proceeds are intended for capital spending on the Hycroft mine expansion. This follows the May 16 filing and is the debt financing for the expansion that was unarranged in the September 2011 mill study, but closing was still pending in this filing.
16 May 2012material agreement● NeutralMajor
On May 11, 2012 the company amended its May 17, 2011 credit agreement with Bank of Nova Scotia and other lenders so it can issue up to $400M (later waived up to $400.4M) of unsecured senior high-yield debt, and on May 16 announced a planned private offering of about $400M of unsecured senior notes. The amendment also allows distributions for scheduled interest payments, counts the new debt in the leverage ratio, lowers the interest coverage ratio and drops the minimum deposits requirement. This is the first step toward financing the Hycroft expansion; the notes were not yet sold in this filing. Twelve months to March 31, 2012: revenue $159.3M, net income $48.6M.
8 May 2012quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $12.1 million for the period ended 2012-03-31.
7 May 2012quarterly activities report● Neutral
Hycroft Mining Corp reported a quarterly net income of $12.1 million for the period ended 2012-03-31.