Hycroft Mining Holding Corp. has raised roughly $140 million by selling new shares since cinema giant and meme-stock favorite AMC Entertainment Holdings Inc. bought its own stake in the gold miner earlier this month, WSJ Pro Bankruptcy reported. Hycroft launched an at-the-market stock offering on March 15 after announcing that AMC and a prominent precious-metals investor, Eric Sprott, had each committed to put $28 million into the company. Combined with the proceeds from the stock offering and the investments of AMC and Mr. Sprott, the company has raised about $196 million. Hycroft did not immediately respond to requests for comment. Hycroft was on the verge of bankruptcy last month, down to just $8 million of cash on its balance sheet because it hadn’t obtained sufficient financing to build a mill it needed to economically mine its ore. But the company, which owns a more than 70,000-acre gold and silver mine in northern Nevada, caught the attention of meme-focused individual investors after Russia’s invasion of Ukraine last month. The ensuing sanctions and geopolitical instability caused metals prices to soar, spurring day traders to post on social media that Hycroft was an attractive bargain stock.
