New Significant Shareholder

RNS Number : 1517U

Hummingbird Resources PLC

28 November 2013

 



28 November 2013

Hummingbird Resources plc

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

New Significant Shareholder following Successful Placing

Hummingbird, the Liberian gold exploration and development company, is pleased to announce the successful placement of 2,758,393 new Ordinary Shares at a price of 41 pence per new Ordinary Share, to raise approximately £1.1 million (before expenses) with Exploration Capital Partners 2012 Limited Partnership ("Exploration Capital") (the "Placing"). Exploration Capital is a private investment fund managed by Resource Capital Investment Corp., part of the Sprott Group of Companies. The Directors intend that the net proceeds of the Placing will be used for exploration work to develop the pipeline of prospective targets identified during recent aeromagnetic surveys and general working capital purposes.

Dan Betts, Chief Executive of Hummingbird, said:

"We are delighted to welcome Sprott Inc. as a new shareholder in Hummingbird. They have a long track record of successful investments in the natural resources sector and their investment is a further endorsement of the Dugbe 1 Project."

Details of the Placing

The Company has raised approximately £1.1milion before expenses, by way of a placing of 2,758,393 new Ordinary Shares at 41 pence per share. Following the placing, Exploration Capital will be interested in approximately 4.6% of the issued share capital in the Company.

Application will be made to the London Stock Exchange for the admission of 2,758,393 Ordinary Shares to be admitted to trading on AIM which is expected on 4 December 2013 ("Admission"). Following Admission, the Company will have a total of 59,484,764 Ordinary Shares in issue. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it has 59,484,764 Ordinary Shares of £0.01 each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

The above figure of 59,484,764 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-

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer
Thomas Hill, Finance Director
Robert Monro, Head of Business Development	[phone]
Cantor Fitzgerald Europe
Nominated Adviser and Broker
Stewart Dickson / Tom Sheldon / Jeremy Stephenson	[phone]
FTI Consulting LLP
Financial PR
Ben Brewerton / Oliver Winters	[phone]

Notes to Editors

About Hummingbird Resources Plc

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 has published a PEA on its project showing on a 3.5Mtpa tank leach operations an NPV of US$337m on a Capex of US$212m for an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).

The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade.

In 2013, the Group is moving the Dugbe 1 Project towards feasibility with 15,802m of infill drilling completed this year. Additionally, the Group's licence areas constitute a significant proportion of eastern Liberia's Birimian sequence.

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

 

END

 

 

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