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.
**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).
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 or
contact:
Daniel Betts,
CEO
Thomas Hill,
FD
Edward Montgomery,
CD
|
Hummingbird Resources
plc
|
Tel: +44 (0) 20 7409
6660
|
James
Spinney
Ritchie
Balmer
|
Strand Hanson
Limited
Nominated
Adviser
|
Tel: +44
(0) 20 7409 3494
|
James
Asensio
Charlie
Hammond
|
Canaccord Genuity
Limited
Broker
|
Tel: +44 (0) 20 7523
8000
|
Bobby Morse
Oonagh
Reidy
George Pope
|
Buchanan
Financial
PR/IR
|
Tel: +44 (0) 20
7466 5000
Email: HUM@buchanan.uk.com
|