Completion of the IFC Subscription Agreement

RNS Number : 2919T

Hummingbird Resources PLC

11 December 2012

 



Hummingbird Resources plc

("Hummingbird Resources" or the "Company") (AIM: HUM)

Completion of the IFC Subscription Agreement

Further to the announcement on the 6th November 2012, Hummingbird Resources is pleased to announce that it has satisfied all of the necessary conditions precedent under the subscription agreement with the International Finance Corporation ("IFC") and has received funds totalling £3m in return for 5.7% of the Company's issued share capital (£0.93 per share placing price).  Accordingly application has been made for 3,225,806 new ordinary shares in the Company to be admitted to trading on AIM, which is expected to occur tomorrow.

In addition the Company has granted the IFC warrants to subscribe for a further 1,612,903 new ordinary shares. The warrants are at a strike price of £1.4415 over a five year term. 

Following the admission of the new ordinary shares and the grant of the warrants, the Company's total issued share capital will be 56,726,371 ordinary shares of £0.01 each, and the number of ordinary shares subject to options and warrants 4,778,000 and 1,612,903 respectively. 

ENDS

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Finance Director

Robert Monro, Head of Business Development [phone]

Liberum Capital Limited

Nominated Adviser and Joint Broker

Tom Fyson / Christopher Kololian [phone]

Jefferies Hoare Govett

Joint Broker

Sara Hale / Thomas Rider [phone]

FTI Consulting LLP

Financial PR

Ben Brewerton / Oliver Winters [phone]

Notes to Editors

Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia.  The Group's total Resource is 3,817,000 ounces of gold (Indicated Resource of 1,373,000 ounces Gold and Inferred Resource of 2,444,000 ounces gold).

The Group has published a NI43-101 compliant Resource on its Dugbe F deposit of 43.01 million tonnes at 1.27 g/t Au to give 1,765,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade (Indicated Resource of 1,373,000 ounces of gold at 1.28 g/t Au and an Inferred Resource of 392,000 ounces of gold at 1.23 g/t Au).  In addition, the Group has declared a maiden Inferred Resource on its Tuzon project of 52.8 million tonnes at 1.21 g/t Au to give 2,052,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au. Tuzon lies 2.6km to the east of the Dugbe F deposit.  Exploration is being carried out to best industry practices.

The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.

For more information, please visit www.hummingbirdresources.co.uk

IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. IFC helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, IFC's investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world's most pressing development challenges. For more information, visit www.ifc.org.

 

END

 

 

MSCTBBFTMBMBBMT