REG - Hummingbird Res. - Pasofino Announces Update on Private Placement

Hummingbird ResourcesAnnouncement

22/10/2024 15:00

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RNS Number : 1751J  Hummingbird Resources PLC  22 October 2024

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

 

22 October 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

Pasofino Announces Update on Private Placement

Hummingbird Resources plc (AIM: HUM) is pleased to note the successful
completion of Pasofino Gold Limited's ("Pasofino") non-brokered private
placement, which raised gross proceeds of approximately US$2.4 million.

Pasofino, which Hummingbird holds a controlling interest in, has secured
subscription agreements for the full 4,806,767 units at a price of US$0.52 (or
C$0.70) per unit, for aggregate gross proceeds of US$2,438,217 (C$3,364,739).
The proceeds from this offering will further support Pasofino's strategic
objectives and its ongoing exploration and development activities at the Dugbe
Gold Project in Liberia.

The closing of the offering is subject to conditional approval by the TSX
Venture Exchange and is expected to take place shortly. All securities issued
under the offering will be subject to a four-month and one-day hold period
from the closing date, in accordance with applicable Canadian securities
regulations.

As previously disclosed, Hummingbird did not participate in the fundraise but
will retain its majority shareholding (reduced from 53% to c.50.4%) with the
full allotment secured, and therefore a controlling stake in this potential
world-class development project.

Further details can be found in the announcement by Pasofino via the following
link - www.pasofinogold.com
(https://www.pasofinogold.com/projects/dugbe-gold-project/default.aspx)

 

**ENDS**

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold producing Company, member of the World Gold
Council and founding member of Single Mine Origin (www.singlemineorigin.com
(https://singlemineorigin.com/) ). The Company currently has two core gold
projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa
Gold Mine in Guinea, which will more than double current gold production
once at commercial production. Further, the Company has a controlling interest
in the Dugbe Gold Project in Liberia that is being developed by joint
venture partners, Pasofino Gold Limited. The final feasibility results on
Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year
capex payback period once in production, and a 14-year life of mine at a low
AISC profile. Our vision is to continue to grow our asset base, producing
profitable ounces, while central to all we do being our Environmental, Social
& Governance ("ESG") policies and practices.

 

For further information, please visit hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/)  or contact:

 

 

 Daniel Betts, CEO       Hummingbird Resources plc  Tel: +44 (0) 20 7409 6660

 Thomas Hill, FD

 Edward Montgomery, CD
 James Spinney           Strand Hanson Limited      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer          Nominated Adviser
 James Asensio           Canaccord Genuity Limited  Tel: +44 (0) 20 7523 8000

 Charlie Hammond         Broker
 Bobby Morse             Buchanan                   Tel:  +44 (0) 20 7466 5000

 Oonagh Reidy            Financial PR/IR            Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)

 George Pope

 

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