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Pasofino to consolidate ownership of Dugbe project in Liberia

2nd November 2022

By: Tasneem Bulbulia

Deputy Editor Online

     

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Aim-listed Hummingbird Resources reports that Pasofino Gold has provided notice to exercise its right to convert Hummingbird’s 51% interest in the Dugbe gold project, in Liberia, to a 51% interest in Pasofino, such that Pasofino would become the sole owner of Dugbe prior to giving effect to the 10% carried interest of the government.

The consolidation is subject to all required government, TSX-V 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.

Moreover, Hummingbird has an anti-dilution right.

“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 ounces 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,” Hummingbird CEO Dan Betts says. 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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