REG - Hummingbird Res. - Pasofino Private Placement and Board Appointment

Hummingbird ResourcesAnnouncement

07/10/2024 07:00

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RNS Number : 0894H  Hummingbird Resources PLC  07 October 2024

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

 

07 October 2024

Hummingbird Resources plc

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

Pasofino Announces Private Placement and Board Appointment

Hummingbird Resources plc (AIM: HUM) notes the recent developments from
Pasofino, including the launch of a non-brokered private placement and the
appointment of Brett Richards as a Non-Executive Director.

Pasofino Gold Limited has announced the launch of a non-brokered private
placement to raise up to US$2.5 million through the issuance of up to
4,806,767 units, each priced at c.US$0.52. Securing this funding will support
the further advancement of the Dugbe Gold Project in Liberia and provide
working capital for ongoing initiatives. Each unit subscribed for will consist
of one common share and one half of a common share purchase warrant, with each
full warrant allowing the purchase of a share at C$0.90 within 18 months. The
private placement is expected to close in October 2024, pending regulatory
approvals, and a further announcement will be made by Hummingbird at that
time.

As previously disclosed in the Company's press releases, ESAN and Hummingbird,
both shareholders with over 10% ownership and classified as "insiders" of
Pasofino, have the right, but not the obligation, to participate to maintain
their shareholding. Hummingbird does not intend to participate in the
fundraise but will still retain its majority shareholding (reducing from 53%
currently to c.50.4%) in the event that the fundraise is completed in full,
and therefore a controlling stake in this potential world class development
project.

Additionally, Hummingbird highlights the appointment of Brett Richards to
Pasofino's Board as a Non-Executive Director. With over 37 years of experience
in mining, including a strong focus on West African operations, Brett's
leadership will be instrumental as Pasofino continues to develop the Dugbe
Gold Project. Brett currently holds several board roles, including at Nickel
28 Capital Corp, Goldshore Resources, and Midnight Sun Mining.

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
(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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