Hummingbird Resources PLC Result of Open Offer and Director Dealing (1588Z)

TIDMHUM

RNS Number : 1588Z

Hummingbird Resources PLC

10 January 2024

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

10 January 2024

Hummingbird Resources pl c

("Hummingbird" or the "Company")

Result of Open Offer and Director Dealing

Further to the announcement on 21 December 2023, Hummingbird (AIM: HUM) provides the following update on the results of its open offer to its existing shareholders to raise up to c.US$5.0 million (GBP4.0 million) (the "Open Offer").

The Open Offer is additional to the conditional placement of c.US$22.2 million, which includes a conditional investment by the Company's largest shareholder and strategic investor CIG SA ("CIG") (the "CIG Subscription") of US$20.2 million, and the US$5.5 million already raised pursuant to the first tranche of this fundraising.

The issue of the CIG Second Tranche Shares, the Second Tranche Subscription Shares and the Open Offer Shares are all conditional on the passing of Resolutions at the General Meeting to be held later today, 10 January 2024. The Company will announce the result of the General Meeting, and an updated total voting rights figure, after it has concluded.

Results of Open Offer

The Company announces the closing of the Open Offer, and that it has received valid applications, including those received under the Excess Application Facility, in respect of a total of 2,369,119 new Ordinary Shares, totalling c.GBP0.27 million ( c.US$0.34 million ). Qualifying Shareholders who have validly applied for Open Offer Shares pursuant to their Basic and Excess Shares Entitlement, will receive their application in full assuming the Resolutions are passed at the General Meeting.

Should the Resolutions be passed at the General Meeting, the sum of the CIG Subscription, the Subscription and the Open Offer would result in total gross proceeds for the Company of c.US$28.1 million (c. GBP22.2 million).

Director Dealing

The Company also announces that Tom Hill, Finance Director of the Company, has participated in the Open Offer and has conditionally applied for 150,000 Open Offer Shares.

Following this participation, and on the basis that the Resolutions are passed at the General Meeting, Tom Hill will be beneficially interested in 641,574 Ordinary Shares, representing approximately 0.08 per cent. of the Company's issued share capital as enlarged by the fundraising.

Unless otherwise defined, capitalised terms have the same meaning as per the Company's circular dated 21 December 2023.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 
 q    Details of the person discharging managerial responsibilities / person closely associated 
 a)   Name                                                      Tom Hill 
     --------------------------------------------------------  ------------------------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Finance Director 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Initial notification/amendment                            Initial notification 
     --------------------------------------------------------  ------------------------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                      Hummingbird Resources Plc 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI                                                       213800PBYMQ6Z2D7UZ96 
     --------------------------------------------------------  ------------------------------------------------------- 
 4.   Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) 
       each type of transaction; (iii) each date; and (iv)each place where transactions have been 
       conducted 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Description of the Financial instrument, type of          Ordinary Shares of 1 penny each 
      instrument 
     --------------------------------------------------------  ------------------------------------------------------- 
      Identification code                                       GB00B60BWY28 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the Transaction                                 Conditional subscription for new Ordinary Shares 
                                                                pursuant to open offer participation 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                     Price(s)   Volume(s) 
                                                                  11.2625    150,000 
                                                                            ---------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information                                    N/A 
       Aggregated volume Price 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   10 January 2024 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  London 
     --------------------------------------------------------  ------------------------------------------------------- 
 

**ENDS**

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold producing Company, member of the World Gold Council and founding member of Single Mine Origin (www.singlemineorigin.com). The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which will more than double current gold production once at commercial production. Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by joint venture partners, Pasofino Gold Limited. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, and a 14-year life of mine at a low AISC profile. Our vision is to continue to grow our asset base, producing profitable ounces, while central to all we do being our Environmental, Social & Governance ("ESG") policies and practices.

   For further information, please visit   hummingbirdresources.co.uk   or contact: 
 
 Daniel Betts, CEO     Hummingbird Resources       Tel: [phone] 
  Thomas Hill, FD       plc                         6660 
  Edward Montgomery, 
  CD 
 James Spinney         Strand Hanson Limited       Tel: [phone] 
  Ritchie Balmer        Nominated Adviser           3494 
                      --------------------------  ---------------------------- 
 James Asensio         Canaccord Genuity Limited   Tel: [phone] 
                        Broker                      8000 
                      --------------------------  ---------------------------- 
 Bobby Morse           Buchanan                    Tel: [phone] 
  Oonagh Reidy          Financial PR/IR             5000 
  George Pope                                       Email: [e-mail] 
                      --------------------------  ---------------------------- 
 

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January 10, 2024 02:00 ET (07:00 GMT)