Last checked at 10 Mar 2023 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
10 March 2023
Hummingbird Resources plc
("Hummingbird" or the "Company")
Result of Open Offer and Director Dealing
On 22 February 2023, Hummingbird (AIM: HUM) provided a Strategic Investment and Placement Update and Notice of General Meeting, highlighting that the Company would be providing shareholders in the Company with the opportunity to subscribe for new Ordinary Shares at the same price as CIG SA ("CIG") (the "CIG Investment") of US$15 million and certain existing institutional shareholders ("the Subscription") of c.US$1.4 million through an open offer to raise up to an additional c.US$2.4 million (the "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 7,920,997 new Ordinary Shares, totalling c.£617,046 (c.US$734,579). Qualifying Shareholders who have validly applied for Open Offer Shares pursuant to their Basic and Excess Shares Entitlement, will receive their application in full.
The issue of the CIG Second Tranche Shares, the Subscription Shares and the Open Offer Shares are conditional on the passing of Resolutions at the General Meeting to be held on 13 March 2023. The Company will announce the result of the General Meeting, and an updated total voting rights figure, after it has concluded.
Should the Resolutions be passed at the General Meeting, the sum of the CIG Investment, the Subscription and the Open Offer (together the "Placement"), would result in total gross proceeds for the Company of c.US$17.1 million.
Further, the Company announces that Thomas Hill, Finance Director of the Company, has participated in the transfer of 23,933 Ordinary Shares from his spouse's broking account to his broking account and then to his ISA (the "Transfer") and has separately applied for 83,339 Open Offer Shares.
Following the Transfer, and on the basis that the Resolutions are passed at the General Meeting in relation to the Open Offer, Thomas Hill will be beneficially interested in, in aggregate, of 491,574 Ordinary Shares.
Unless otherwise defined, capitalised terms have the same meaning as per the Company's circular dated 22 February 2023.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||
a) | Name | Thomas 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 | Transfer of 23,933 Ordinary Shares from his spouse's broking account to his broking account, and subsequent sale and re-purchase into his ISA of the same number of Ordinary Shares | ||||||||
c) | Price(s) and volume(s) |
| ||||||||
d) | Aggregated information Aggregated volume Price | N/A | ||||||||
e) | Date of the transaction | 08/03/2023 | ||||||||
f) | Place of the transaction | London | ||||||||
**ENDS**
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold production, development and exploration 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 when production, scheduled for first gold pour end of Q2 2023. Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement. 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 Gordon Hamilton | Canaccord Genuity Limited Broker | Tel: +44 (0) 20 7523 8000 |
Bobby Morse Oonagh Reidy George Cleary | Buchanan Financial PR/IR | Tel: +44 (0) 20 7466 5000 Email: HUM@buchanan.uk.com |