Result of Open Offer and General Meeting

RNS Number : 3399K

Hummingbird Resources PLC

15 April 2015

 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

15 April 2015

Hummingbird Resources plc("Hummingbird Resources" or the "Company")

Result of Open Offer and Result of General Meeting

On 20 March 2015, Hummingbird Resources plc (AIM: HUM), the West African gold exploration and development company, announced details of a funding package totalling US$8.9 million, comprised of a placing and a subscription (collectively, "Funding Package"). The Funding Package was priced at 30 pence per Placing Unit (the "Issue Price").  Each Placing Unit consisted of one new ordinary share ("New Ordinary Share") of 1 pence each in the capital of the Company and a half of one warrant to subscribe for a New Ordinary Share ("Warrant").  A conditional open offer ("Open Offer") was announced concurrent to the Funding Package and as a result the Company has now raised a total of US$9.5 million.

The Open Offer closed for acceptances at 11a.m. on 14 April 2015 and the Company is pleased with the uptake having received valid acceptances in respect of 1,332,416 Open Offer Units from Qualifying Shareholders.  Qualifying Shareholders who have validly applied for Open Offer Units will receive their full Open Offer entitlement.  All eligible applications under the excess application facility will be allocated their Open Offer Units as applied for.

The Company is also pleased to announce that at its General Meeting held today, all of the resolutions as set out in the Circular dated 24 March 2015 were duly passed.

Accordingly, application has been made for 6,295,914 New Ordinary Shares to be admitted to trading on AIM and it is expected that these shares will be admitted and dealings will commence at 8:00am on 16 April 2015 ("Admission").  Following Admission, the enlarged issued share capital of the Company will consist of 94,777,473 ordinary shares of 1 pence each.  Therefore, the total number of voting rights in the Company is 94,777,473 and this figure may be used by shareholders 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 Company, under the Disclosure and Transparency Rules.

Defined terms used in this announcement not otherwise defined shall have the same meaning as those terms defined and used in the Circular.  No application will be made to admit the Warrants to trading and they will be unlisted. Full details are set out in the Circular.

Certain Directors of Hummingbird and their connected parties have subscribed in the Open Offer and further details with regards to their updated shareholdings will be announced in due course.

Dan Betts, CEO of Hummingbird Resources, said: "I would like to thank our existing and new shareholders for their support in this funding package and am delighted that we are now in a position to shortly commence construction at our Yanfolila Gold Project in Mali with a view to our first gold pour in H1 2016.  I look forward to providing a further update in our upcoming Quarterly report."

**ENDS**

Enquiries:

Hummingbird Resources plc
Daniel Betts, Chief Executive Officer
Thomas Hill, Finance Director
Robert Monro, Head of Business Development	[phone]
Hannam & Partners (Advisory) LLP
Financial Adviser
Rupert Fane / Andrew Chubb	[phone]
Cantor Fitzgerald Europe
Nominated Adviser and Corporate Broker
Stewart Dickson / Jeremy Stephenson	[phone]
St Brides Partners
Financial PR
Lottie Brocklehurst/Felicity Winkles/Hugo de Salis	[phone]

Notes to Editors

About Hummingbird Resources Plc

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 development 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. A mandate setting out the key terms of a proposed US$75 million debt facility has been agreed with Taurus Mining and initial mine construction is expected to commence in H1 2015.

The 4.2Moz Dugbe 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

 

END

 

 

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