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

Hummingbird ResourcesAnnouncement

10/01/2024 07:00

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RNS Number : 1588Z  Hummingbird Resources PLC  10 January 2024

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

 

10 January 2024

Hummingbird Resources plc

("Hummingbird" or the "Company")

Result of Open Offer and Director Dealing

Further to the announcement on 21 December 2023, Hummingbird (AIM: HUM)
provides the following update on the results of its open offer to its existing
shareholders to raise up to c.US$5.0 million (£4.0 million) (the "Open
Offer").

The Open Offer is additional to the conditional placement of c.US$22.2
million, which includes a conditional investment by the Company's largest
shareholder and strategic investor CIG SA ("CIG") (the "CIG Subscription") of
US$20.2 million, and the US$5.5 million already raised pursuant to the first
tranche of this fundraising.

The issue of the CIG Second Tranche Shares, the Second Tranche Subscription
Shares and the Open Offer Shares are all conditional on the passing of
Resolutions at the General Meeting to be held later today, 10 January 2024.
The Company will announce the result of the General Meeting, and an updated
total voting rights figure, after it has concluded.

Results of 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 2,369,119 new Ordinary Shares, totalling
c.£0.27 million (c.US$0.34 million). Qualifying Shareholders who have
validly applied for Open Offer Shares pursuant to their Basic and Excess
Shares Entitlement, will receive their application in full assuming the
Resolutions are passed at the General Meeting.

Should the Resolutions be passed at the General Meeting, the sum of the CIG
Subscription, the Subscription and the Open Offer would result in total gross
proceeds for the Company of c.US$28.1 million (c. £22.2 million).

Director Dealing

The Company also announces that Tom Hill, Finance Director of the Company,
has participated in the Open Offer and has conditionally applied for 150,000
Open Offer Shares.

Following this participation, and on the basis that the Resolutions are passed
at the General Meeting, Tom Hill will be beneficially interested in 641,574
Ordinary Shares, representing approximately 0.08 per cent. of the Company's
issued share capital as enlarged by the fundraising.

Unless otherwise defined, capitalised terms have the same meaning as per the
Company's circular dated 21 December 2023.

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

 q   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Tom 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                                    Conditional subscription for new Ordinary Shares pursuant to open offer
                                                                  participation
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  11.2625   150,000
 d)  Aggregated information                                       N/A

     Aggregated volume Price
 e)  Date of the transaction                                      10 January 2024
 f)  Place of the transaction                                     London

d)

Aggregated information

Aggregated volume Price

N/A

e)

Date of the transaction

10 January 2024

f)

Place of the transaction

London

**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

                         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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