Hummingbird Resources PLC - West Africa-focused and Birmingham, England-based gold producer, developer and explorer - Announces equity placement of up to USD30 million at 11.26 pence per share. Plans to offer shareholders the chance to subscribe at the same price through an open offer. Hummingbird intends for proceeds to strengthen its balance sheet and progress multiple initiatives under its growth strategy, for example increasing exploration activities at the Yanfolila mine in Mali and the Kouroussa mine in Guinea. Yanfolila is still on track to meet full-year production guidance of 80,000 to 90,000 ounces of gold, and Hummingbird remains "on track" to produce approximately 200,000 ounces of gold next year. Company is also converting its 51% interest in the Dugbe gold project in Liberia into a 51% controlling stake in Pasofino Gold Ltd, Dugbe's developer, to simplify the project's ownership structure and increase efficiency.
Current stock price: 10.47p, down 16% on Thursday afternoon in London
12-month change: up 72%
By Emma Curzon, Alliance News reporter
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Hummingbird (HUM)