REG - Hummingbird Res. - Result of Open Offer and Director Dealing

Hummingbird ResourcesAnnouncement

10/03/2023 07:00

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RNS Number : 5049S  Hummingbird Resources PLC  10 March 2023

 

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

 

10 March 2023

Hummingbird Resources plc

("Hummingbird" or the "Company")

 

Result of Open Offer and Director Dealing

 

On 22 February 2023, Hummingbird (AIM: HUM) provided a Strategic Investment
and Placement Update and Notice of General Meeting, highlighting that the
Company would be providing shareholders in the Company with the opportunity to
subscribe for new Ordinary Shares at the same price as CIG SA ("CIG") (the
"CIG Investment") of US$15 million and certain existing institutional
shareholders ("the Subscription") of c.US$1.4 million through an open offer to
raise up to an additional c.US$2.4 million (the "Open Offer").

 

The Company announces the closing of the Open Offer, and that it has received
valid applications, including those received under the Excess Application
Facility, in respect of a total of 7,920,997 new Ordinary Shares, totalling
c.£617,046 (c.US$734,579). Qualifying Shareholders who have validly applied
for Open Offer Shares pursuant to their Basic and Excess Shares Entitlement,
will receive their application in full.

 

The issue of the CIG Second Tranche Shares, the Subscription Shares and the
Open Offer Shares are conditional on the passing of Resolutions at the General
Meeting to be held on 13 March 2023.  The Company will announce the result of
the General Meeting, and an updated total voting rights figure, after it has
concluded.

 

Should the Resolutions be passed at the General Meeting, the sum of the CIG
Investment, the Subscription and the Open Offer (together the "Placement"),
would result in total gross proceeds for the Company of c.US$17.1 million.

 

Further, the Company announces that Thomas Hill, Finance Director of the
Company, has participated in the transfer of 23,933 Ordinary Shares from his
spouse's broking account to his broking account and then to his ISA (the
"Transfer") and has separately applied for 83,339 Open Offer Shares.

 

Following the Transfer, and on the basis that the Resolutions are passed at
the General Meeting in relation to the Open Offer, Thomas Hill will be
beneficially interested in, in aggregate, of 491,574 Ordinary Shares.

Unless otherwise defined, capitalised terms have the same meaning as per the
Company's circular dated 22 February 2023.

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Thomas Hill
 2.  Reason for the Notification
 a)  Position/status                                              Finance Director
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Hummingbird Resources Plc
 b)  LEI                                                          213800PBYMQ6Z2D7UZ96
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
     where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary Shares of 1 penny each
     Identification code                                          GB00B60BWY28
 b)  Nature of the Transaction                                    Transfer of 23,933 Ordinary Shares from his spouse's broking account to his
                                                                  broking account, and subsequent sale and re-purchase into his ISA of the same
                                                                  number of Ordinary Shares
 c)  Price(s) and volume(s)                                       Price(s)              Volume(s)
                                                                  n/a (as a transfer)   23,933
                                                                  7.00 pence sale       23,933
                                                                  7.125 pence purchase  23,933
 d)  Aggregated information                                       N/A

     Aggregated volume Price
 e)  Date of the transaction                                      08/03/2023
 f)  Place of the transaction                                     London

d)

Aggregated information

Aggregated volume Price

N/A

e)

Date of the transaction

08/03/2023

f)

Place of the transaction

London

 

**ENDS**

 

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold production, development and exploration Company,
member of the World Gold Council and founding member of Single Mine Origin
(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 when production,
scheduled for first gold pour end of Q2 2023. Further, the Company has a
controlling interest in the Dugbe Gold Project in Liberia that is being
developed by Pasofino Gold Limited through an earn-in agreement. 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

 Gordon Hamilton         Broker
 Bobby Morse             Buchanan                   Tel:  +44 (0) 20 7466 5000

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

 George Cleary

 

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