REG - Hummingbird Res. - Result of GM, TVR and Fundraising of £50 million <Origin Href="QuoteRef">HUMR.L</Origin>

Hummingbird ResourcesAnnouncement

20/06/2016 14:50

RNS Number : 7207B
Hummingbird Resources PLC
20 June 2016
NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
20 June 2016 
Hummingbird Resources plc ("Hummingbird Resources" or the "Company")
Result of General Meeting, Total Voting Rights and Fundraising of 50 million
Hummingbird Resources plc (AIM: HUM), the West African gold company, is pleased to announce that at its General Meeting held earlier today, shareholders duly approved all the resolutions put before them allowing the Company to complete the Placing and Subscription for construction at the Yanfolila Gold Project in Mali as announced on 2 June 2016. The Company also reports that it has exercised the Overallotment Option in respect of 16,795,829 shares. In total the Company has raised 49.5 million (approximately US$71 million) under the Placing, Subscription and Overallotment Option (all as defined in the circular to shareholders dated 2 June 2016) through the issue of a total of 225,188,781 shares at 22 pence per share. The Company has agreed to issue 402,966 finders warrants exercisable at 22p until 21 June 2019 in connection with the fundraising. Admission of the new shares to trading on AIM is expected to occur on 21 June 2016.
The proceeds of the fundraising will be applied towards the detailed engineering and construction of the Company's Yanfolila Project in Mali where production is targeted in 2017, and for general corporate purposes.
Dan Betts, Managing Director of Hummingbird Resources, said: "Today is a significant day for Hummingbird. We are delighted with the support from both our existing and new shareholders in this fundraising. Together with the demand for the overallotment option we have raised a total of US$71 million. We can now build Yanfolila into one of the highest margin gold projects in Africa with first gold pour targeted for 2017 generating over US$70 million of free cash-flow in the first full year of steady rate production. We look forward to the construction phase of Yanfolila and the announcement of further key milestones over the coming months."
Following admission, the Company's enlarged issued share capital will comprise 332,141,250 ordinary shares of 0.01 with one voting right per share. There are no shares held in treasury and the total number of voting rights in the Company is therefore 332,141,250.
This figure of 332,141,250 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. 
Following completion of the Placing, Subscription and Overallotment Option, the Company expects the following shareholders to hold notifiable interests in theCompany:
Shareholder
Number of Shares held following Admission
Shareholding as a proportion of the enlarged issued share capital 
Sapinda Asia Limited 
40,085,786
12.1%
The Capital Group Companies, Inc
31,533,000
9.5%
Lindine Inc.
31,103,425
9.4%
Gold Fields Ltd.
21,258,503
6.4%
Odey Asset Management
19,952,288
6.0%
Pala Investments
15,551,713
4.7%
Sloane Robinson
12,441,370
3.7%
Exploration Capital Partners 2012 Limited Partnership
12,332,862
3.7%
In addition, certain Directors of the Company acquired shares in the Placing and Overallotment Option.
Director
Shareholding prior to Admission
New shares subscribed for
Shareholding following Admission
% of issued share capital held following Admission
Daniel Betts *1
4,634,149
315,000
4,949,149 
1.4%
Thomas Hill *2
108,235
40,000
148,235
-
David Pelham
2,325
22,727
25,052
-
* 1. Daniel Betts's interest consists of shares held by Daniel Betts, shares held by Stephen Betts & Sons Limited, and shares held by the Stephen Betts & Sons Limited (Self Administered) Pension Scheme.
* 2. Thomas Hill's interest includes contracts for difference over 5,000 ordinary shares, shares held directly, shares which are held in his pension, and shares which are owned by his wife.
Following the General Meeting, the Board has resolved that all existing share based incentive schemes (including the Long Term Incentive Plan) as disclosed in the Annual Report for the year ended 31 December 2015 are rebased to 22p so as to align management with shareholders as the Company moves forward into construction. Additionally, the Company is working with advisors to design and implement an appropriate incentive scheme to ensure the core team for delivering the Yanfolila Project can be recruited, retained and motivated to deliver the project as efficiently as possible for the benefit of shareholders.
**ENDS**
For further information please visit the Hummingbird website www.hummingbirdresources.co.uk or contact:
Daniel Betts
Thomas Hill 
Robert Monro
Hummingbird Resources plc
Tel: +44 (0) 20 3416 3560
Charlie Cryer
Stefan Murphy
Jonathan Stephens
Oliver Morse
RFC Ambrian Ltd
Nominated Adviser, Bookrunner and Joint Broker
Tel: +44 (0) 20 3440 6800
Jon Belliss
Beaufort Securities Limited
Joint Broker
Tel: +44 (0) 20 7382 8300
Lottie Brocklehurst
Susie Geliher
Hugo de Salis
St Brides Partners Ltd
Financial PR/IR
Tel: +44 (0) 20 7236 1177
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company. The Company has two core gold projects, the near-term production Yanfolila Gold Project in Mali and the Dugbe Gold Project in Liberia. Its current focus is on bringing Yanfolila, which has a Probable Reserve of 709,800oz @ 3.14g/t and total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential. The high grade gold project has the potential to turn a profit in a varying gold price environment and will allow for quick returns with low operating costs. 
The 4.2Moz Dugbe Gold Project in Liberia provides Hummingbird with excellent development upside. An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term. Additionally, the Company has 4,000km2 highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets. 

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