Hummingbird and Pasofino provide update on Dugbe Gold Project
Published by Will Owen,
Editor
Global Mining Review,
Hummingbird Resources plc has reported that Pasofino Gold Ltd has provided notice to exercise its right to convert Hummingbird’s 51% interest in the Dugbe Gold Project to a 51% interest in Pasofino, such that Pasofino would become the owner of 100% of Dugbe (prior to giving effect to the 10% carried interest of the Government of Liberia) and Hummingbird would own 51% of Pasofino.
The consolidation is subject to all required government, TSX Venture Exchange and shareholder approvals.
Pasofino will issue to Hummingbird such number of common shares of Pasofino that results in Hummingbird owning 51% of the outstanding common shares of Pasofino on completion of the consolidation. In addition, Hummingbird has an anti-dilution right that provides that if, as and when any warrants outstanding as at the date the option satisfaction notice was issued by Pasofino are exercised, Pasofino shall issue to Hummingbird one common share for each common share issued in connection with such exercise.
Dan Betts, CEO of Hummingbird Resources, comments:
“With this consolidation, Hummingbird moves to owning 51% of Pasofino, which simplifies the ownership structure and ensures that what is one of the largest gold projects in West Africa has clear visibility of its own. With 2.8 million oz of gold reserves, unrivalled exploration potential and a recently completed feasibility study, this project has some of the most attractive economics of any development project in the region and it is the objective to now maximise value for all stakeholders.”
Krisztian Toth, Chairman of the Board of Pasofino, comments:
“We are excited to consolidate the ownership of the world class Dugbe Project under Pasofino. By consolidating ownership of the Dugbe Project, Hummingbird, and Pasofino are better placed to execute on the strategic review process being undertaken to identify opportunities to generate maximum value for each of our stakeholders.”
Read the article online at: https://www.globalminingreview.com/mining/02112022/hummingbird-and-pasofino-provide-update-on-dugbe-gold-project/
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