Hycroft Mining Holding Corporation (NASDAQ:HYMC) ("Hycroft" or the "Company"), a gold and silver development company which owns the Hycroft Mine in the prolific mining region of Northern Nevada, is pleased to announce it has reduced a portion of its debt.
Diane R. Garrett, President and CEO stated, "Eliminating a portion of our debt at a significant discount is an important step in our commitment to strengthening our balance sheet. A strong balance sheet, a solid cash position in excess of $140 million, a world class asset in a Tier-One mining jurisdiction, a robust exploration program and a highly experienced team of mine builders and operators make Hycroft uniquely positioned for creating and delivering shareholder value."
The Company reduced its outstanding debt by approximately $12.2 million in two transactions. Hycroft purchased a total of $12.2 million of debt in exchange for cash consideration of $6.7 million plus 500,000 shares of Hycroft common stock (a discount of approximately 42% to the face value of the debt).
The Company's exploration program is progressing on schedule and additional assay results are expected to be released prior to year end.
