REG - Hummingbird Res. - Pasofino Enters into Exclusivity Agreement

Hummingbird ResourcesAnnouncement

17/09/2024 07:00

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RNS Number : 4158E  Hummingbird Resources PLC  17 September 2024

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

 

17 September 2024

Hummingbird Resources plc

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

Pasofino Enters into Exclusivity Agreement

Hummingbird (AIM: HUM) is pleased to note the update yesterday from Pasofino
Gold Limited ("Pasofino"), regarding the execution of an exclusivity agreement
with a potential purchaser to acquire Pasofino for a total consideration of
US$75 million, representing a purchase price of US$0.66 (approx.C$0.907) per
Pasofino Common Share (the "Offer"). Hummingbird holds a 53% shareholding in
Pasofino.

This exclusivity agreement comes after a strategic review process, during
which Pasofino engaged with multiple parties, including two that had
previously submitted written proposals to acquire the company. A site visit
has also taken place as part of this process with the potential purchaser.

The Offer grants the potential purchaser an exclusivity period until 7
November 2024, conditional on the potential purchaser and its financing
partners being satisfied with the results of their due diligence and obtaining
all necessary internal approvals. Subject to this being the case, both parties
aim to finalise a definitive agreement regarding the Offer in Q4-2024.
Hummingbird and Pasofino note that there are no assurances or guarantees that
a definitive agreement will be reached with the potential purchaser.

Per the Pasofino release, Pasofino now intends to undertake interim financing
to secure the necessary funds for advancing the Dugbe Gold Project's
Feasibility Study optimisation initiatives. The terms of the placement will be
determined no earlier than one trading day after the release of its press
announcement yesterday, with Pasofino insiders having confirmed their
intention to subscribe for any common shares not taken up by third parties.
Further updates will be provided as and when appropriate.

Further details can be found in the announcement by Pasofino via the following
link: www.pasofinogold.com (http://www.pasofinogold.com) .

 

 

**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
(http://www.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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