As AMC Entertainment works toward a full recovery from the COVID-19 pandemic, CEO Adam Aron has announced the movie theater chain is making a 'bold diversification move' by purchasing a stake in gold and silver miner Hycroft.
it intends to use the proceeds of the deal for general corporate purposes, including "repayment, refinancing, redemption or repurchase of existing indebtedness, working capital or capital expenditures and other investments, advancement of the Initial Assessment in the 2022 Technical Report Summary to a pre-feasibility and/or feasibility study and additional exploration at the Hycroft Mine.
Hycroft, which owns a more than 70,000-acre mine in northern Nevada that contains approximately 15 million ounces of gold and 600 million ounces of silver, was taken public in 2020 through a merger with special-acquisition purpose company Mudrick Cap AMC's stake comes as it has amassed an $1.8 billion war chest following its popularity with retail investors, previous share sales and the box office success of films like "Spider-Man: No Way Home" and "The Batman.
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