Item 1.01. Entry into a Material Agreement.
On January 6, 2021, Hycroft Mining Holding Corporation (the "Company") entered
into a waiver and amendment (the "Waiver") with Sprott Private Resource Lending
II (Collector), LP (the "Lender") of certain provisions of the (i) Amended and
Restated Credit Agreement, dated as of May 29, 2020 (as amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement")
among the Company, the Lender, the Guarantors (as defined in the Credit
Agreement) and the other parties thereto and (ii) that certain waiver letter
agreement, dated as of November 9, 2021 (the "Prior Waiver") by and between the
Lender, the Borrower, the Guarantors and the other parties thereto.
Pursuant to the Waiver, the Lender has waived the requirement that the Company
maintain at least $9,000,000 of unrestricted cash at all times during the period
ending May 10, 2022 (the "Waiver Period"), provided that, the Company maintains
at least $9,000,000 of unrestricted cash as of the last day of each calendar
month during the Waiver Period.
The Waiver also amends the Credit Agreement to require that the Company shall
continue to employ and retain Diane Garrett in her positions as President, Chief
Executive Officer and a director of the Company and Stanton Rideout in his
positions as Executive Vice President and Chief Financial Officer of the Company
until the repayment in full of the Facility Indebtedness (as defined in the
Credit Agreement), provided that, if either of Diane Garrett or Stanton Rideout
cease to hold any of their respective positions, the Company has nine months
after the applicable cessation to find suitable replacements for such positions
acceptable to the Lender, acting reasonably.
The foregoing description of the Waiver does not purport to be complete and is
subject to, and qualified in its entirety by reference to, the full text of the
Waiver, a copy of which is attached to this Current Report on Form 8-K as
Exhibit 10.1 hereto.
Item 9.01. Financial Statements and Exhibits.
The list of exhibits is set forth on the Exhibit Index of this Current Report on
Form 8-K and is incorporated herein by reference.
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