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@Mostyn: On the basis that the exploration programme along is US$10m alone, never mind the DFS, Gov of Liberia costs, central / running costs etc, then CAD$10m was not going to be enough. However, there was cash already in the VEIN vehicle (they had raised CAD$6.3m in May) and you would not expect them to fully fund the full budget immediately. They will want show good progress and strong drill results to excite the share price and reduce dilution by raising the subsequent tranches at higher pricing. Moreover, the announcements have clear said that VEIN advanced the $2.0m deposit plus costs to ARX, so whoever said HUM lent the money is wrong.
@aprogerston...it is great news about pasofino and the financing, but they need a wee bit more than ÂŁ6mill to secure the 49% stake in dugbe. Someone has speculated 20-40million to cover their obligation? Its going in the right direction, but why such a large drop today, especially with all the president related news out of Mali??
Seperately I might be going crazy, but I read somewhere that HUM have lent pasofino the ÂŁ2mill deposit they had to pay???? I do hope that is fake news!??
Outstanding RNS ...
Pasofino confirmed yesterday that they have raised ÂŁ6m financing so that they can get to a DFS in 2 years and complete their Earn-In for a 49% stake at Dugbe at no cost to HUM.
Quite !
So far so good & keeping to plan....
https://www.londonstockexchange.com/news-article/HUM/dugbe-gold-project-financing/14695054
Well done HUM!
Thanks for link ( https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2079-tsx-venture/vein/84311-pasofino-gold-announces-closing-of-the-previously-announced-acquisition-of-arx-resources-limited-and-closing-date-for-10-02m-bought-deal-financing.html ), kadavul.
BW
HUM should be announcing this to the market. I do not see why they would wait for the Q3 results to deliver such an important update.
The VEIN announcement is very positive. Not only does it confirm completion of the ARX acquisition and funding of the initial work, drilling and deposit, but it also sets out some really helpful detail:
- the 49% is diluted by the 10% non-dilutable GoL stake (giving a 44.1% economic interest)
- the 44.1% absorbs it’s share of the 2% net smelter royalty to Anglo Pacific
- $2.0m deposit (already received by HUM)
- Funding of the option agreement under the MDA with GoL of $700k
- Funding of $1.4m further payment in tranches of options over exploration rights
- Payment for rehabilitation of the access road
- Establishment of new 70 man camp, with capital equipment support
- $10m drilling programme (which will commence shortly as the contractor is currently mobilising with drills working from November)
- Pay for full DFS with joint oversight from HUM - expected to be delivered by Q3 2021, with selection of SEIA and FS consultants almost complete.
That’s tremendous progress and demonstrates the value of the deal for HUM, both in terms of value of all the items ARX / VEIN will cover (allowing HUM to focus cash on Kouroussa) and in terms of news flow on a site that HUM still controls.
Taking the market cap of VEIN implies a £47.5m stake in Dugbe for HUM. That’s 12p a share, that’s not in the share price.
It is going well for Dugbe.
I can’t wait for Q3,Q4 results, we should see a fatter cash cow.
"Pasofino is also pleased to announce an update to the closing of the C$10,020,000 bought deal private placement led by Stifel GMP, on its own behalf and on behalf of a syndicate of underwriters (together with Stifel GMP, the "Underwriters") first announced by the Company on August 21, 2020 (the "Offering"). The TSX Venture Exchange has conditionally approved the Offering, which is scheduled to close on or about September 22, 2020."
TSX Venture Exchange approval offering is closes today
Wow - Dugbe is officially active!
Pasifino technical team on ground - now
Drilling contractor on ground - now
4 rigs to start drilling - Nov
Consultant appointment - “awarded next week”
"Would that not be worthy of an RNS?"
Here it is!
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2079-tsx-venture/vein/84311-pasofino-gold-announces-closing-of-the-previously-announced-acquisition-of-arx-resources-limited-and-closing-date-for-10-02m-bought-deal-financing.html
Would that not be worthy of an RNS?
Pasofino Gold has confirmed it has completed its all share takeover of ARX, who has a 49% earn in agreement to the Dugbe project with Hummingbird. Pasofino also confirmed their technical team has now officially commenced the work to meet all of the earn in conditions, and as such the feasibility study for the Dugbe project is targeted to be completed by the end of September 2021.