Last checked at 17 Jun 2015 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
17 June 2015
Hummingbird Resources plc ("Hummingbird Resources" or the "Company")
Placing to raise £3.5 million
Hummingbird Resources plc (AIM: HUM), the West African gold exploration and development company, is pleased to announce it has raised approximately £3.5 million, before expenses, through the placing of 10,606,060 New Ordinary Shares at 33 pence per share. The funds raised will be used primarily to advance Hummingbird's Yanfolila Gold Project in Mali to near-term production and for working capital purposes. Newly appointed Joint Broker Beaufort Securities acted as lead Broker on the fundraising.
Dan Betts, CEO of Hummingbird Resources, said: "Following the recent appointment of Beaufort Securities as Joint Broker we received strong demand particularly from the retail community and as such, we are delighted to have raised £3.5 million. Having bolstered our cash balance, increased our retail following and potential liquidity, we are now in an even stronger position to deliver our first gold pour at Yanfolila in 2016 where plant earthworks are already underway."
Further Information
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM which is expected on or around 30 June 2015. Following Admission, the Company will have a total of 105,395,267 ordinary shares in issue. The New Ordinary Shares will rank pari passu with the existing ordinary shares.
Following Admission and in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it will have 105,395,267 ordinary shares of £0.01 each in issue, each share carrying the right to one vote.
Following Admission, the above figure of 105,395,267 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts Thomas Hill Robert Monro | Hummingbird Resources plc | Tel: +44 (0) 203 416 3560 |
Stewart Dickson Jeremy Stephenson
| Cantor Fitzgerald Europe Nominated Adviser and Joint Broker | Tel: +44 (0) 207 894 7000
|
Jon Belliss | Beaufort Securities Limited Joint Broker | Tel: +44 (0) 20 7382 8300 |
Lottie Brocklehurst Felicity Winkles Hugo de Salis | St Brides Partners Ltd Financial PR/IR | Tel: +44 (0) 20 7236 1177 |
Notes to Editors:
Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company. The Company has two core gold projects, the near-term production Yanfolila Project in Mali and the Dugbe 1 Project in Liberia. Its current focus is on bringing Yanfolila, which has a 1.8Moz gold inventory, to production in H1 2016. The high grade gold project has the potential to turn a profit in a varying gold price environment and will allow for quick returns with low operating costs.
The 4.2Moz Dugbe 1 Project in Liberia provides Hummingbird with excellent development upside. An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term. Additionally, the Company has 5,000km2 highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets.
For more information, please visit www.hummingbirdresources.co.uk