Hummingbird raises funds to advance Mali mine development
JOHANNESBURG (miningweekly.com) – West African gold exploration and development company Hummingbird Resources has entered into a subscription agreement to raise £500 000, before expenses, to advance its Yanfolila gold project, in Mali, to near-term production and for working capital purposes.
The Aim-listed company would raise the funds through the placing of 1.51-million new ordinary shares, at 33p apiece, with a long-term shareholder, which is an affiliate of TSX-listed Sprott.
"Sprott is a long-term shareholder in Hummingbird and we are delighted that 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,” Hummingbird Resources CEO Dan Betts said.
With first gold production set for the first half of 2016, Yanfolila has a 1.8-million-ounce gold inventory based on multiple high-grade pits.
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