Raises GBP0.5 million with long term shareholder

RNS Number : 2951R

Hummingbird Resources PLC

26 June 2015

 



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

 26 June 2015

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA

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

Raises £0.5 million with long term shareholder

Hummingbird Resources plc (AIM: HUM), the West African gold exploration and development company, is pleased to announce that further to the placing announced on 17 June 2015, it has entered into a subscription agreement to raise £500,000 before expenses through the placing of 1,515,152 New Ordinary Shares at 33 pence per share with a long term shareholder who is an affiliate of Sprott Inc. (TSX:SII) ("Sprott").   The funds raised will be used to advance Hummingbird's Yanfolila Gold Project in Mali to near-term production and for working capital purposes.  

Dan Betts, CEO of Hummingbird Resources, said: "Sprott is a long term shareholder in Hummingbird and we are delighted that following a recent site visit they are supporting the Company in this placing.  Sprott has a long track record of successful investments in the natural resources sector and their investment is a further endorsement of our strategy."

Further Information

Application will be made to the London Stock Exchange for the new New Ordinary Shares to be admitted to trading on AIM which is expected on or around 30 June 2015.  Following Admission and in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it will have 106,912,556 ordinary shares of £0.01 each in issue, each share carrying the right to one vote.

Following Admission, the above figure of 106,912,556 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**

For further information please visit www.hummingbirdresources.co.uk or contact: 

Daniel Betts Thomas Hill Robert Monro	Hummingbird Resources plc	Tel: [phone]
Stewart Dickson  Jeremy Stephenson	Cantor Fitzgerald Europe Nominated Adviser and Joint Broker	Tel: [phone]
Jon Belliss	Beaufort Securities Limited Joint Broker	Tel: [phone]
Lottie Brocklehurst Felicity Winkles Hugo de Salis	St Brides Partners Ltd Financial PR/IR	Tel: [phone]

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 1 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.

The 4.2Moz Dugbe 1 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

 

 

MSCLFFILRDIEFIE