By: INTUIT mailchimp

Hummingbird Resources plc (AIM: HUM) notes the recent developments from Pasofino, including the launch of a non-brokered private placement and the appointment of Brett Richards as a Non-Executive Director.

Pasofino Gold Limited has announced the launch of a non-brokered private placement to raise up to US$2.5 million through the issuance of up to 4,806,767 units, each priced at c.US$0.52. Securing this funding will support the further advancement of the Dugbe Gold Project in Liberia and provide working capital for ongoing initiatives. Each unit subscribed for will consist of one common share and one half of a common share purchase warrant, with each full warrant allowing the purchase of a share at C$0.90 within 18 months. The private placement is expected to close in October 2024, pending regulatory approvals, and a further announcement will be made by Hummingbird at that time. As previously disclosed in the Company's press releases, ESAN and Hummingbird, both shareholders with over 10% ownership and classified as “insiders” of Pasofino, have the right, but not the obligation, to participate to maintain their shareholding. Hummingbird does not intend to participate in the fundraise but will still retain its majority shareholding (reducing from 53% currently to c.50.4%) in the event that the fundraise is completed in full, and therefore a controlling stake in this potential world class development project. Additionally, Hummingbird highlights the appointment of Brett Richards to Pasofino’s Board as a NonExecutive Director. With over 37 years of experience in mining, including a strong focus on West African operations, Brett’s leadership will be instrumental as Pasofino continues to develop the Dugbe Gold Project. Brett currently holds several board roles, including at Nickel 28 Capital Corp, Goldshore Resources, and Midnight Sun Mining.