- Pasofino Gold Limited (VEIN) has provided notice of its right to acquire Hummingbird Resources (HB PLC)
- The notice to HB PLC is that Pasofino is exercising its right under the option agreement to cause HB PLC to sell to Pasofino its 51 per cent interest in the issued and outstanding shares of Hummingbird Resources (Liberia) Inc (HBL)
- This acquisition will make Pasofino the owner of 100 per cent of the Dugbe Gold Project
- The 2,559-km2 Dugbe Gold Project is in southern Liberia
- Pasofino Gold Ltd. is a Canadian-based mineral exploration company
- Pasofino Gold Limited was down 2.174 per cent, trading at $0.45 at 11:13 AM ET
Pasofino Gold Limited (VEIN) has provided notice of its right to acquire Hummingbird Resources (HB).
The notice to HB PLC is that Pasofino is exercising its right under the option agreement to cause HB PLC to sell to Pasofino its 51 per cent interest in the issued and outstanding shares of Hummingbird Resources (Liberia) Inc (HBL).
This includes all shareholder loans made by HB PLC to HBL.
This acquisition will make Pasofino the owner of 100 per cent of the Dugbe Gold Project (prior to giving effect to the 10 per cent carried interest of the Government of Liberia).
In connection with the sale by HB PLC, Pasofino will issue to HB PLC the number of common shares of Pasofino that results in HB PLC owning 51 per cent of the outstanding common shares of Pasofino at such time.
“By consolidating ownership of the Dugbe Project, Pasofino and Hummingbird are better placed to execute on the strategic review process being undertaken to identify opportunities to generate maximum value for each of our stakeholders,” said Krisztian Toth, Chairman of the Board of Pasofino.
“With this consolidation, Hummingbird moves to own 51 per cent 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,” stated Dan Betts, CEO of Hummingbird Resources.
The 2,559-km2 Dugbe Gold Project is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup, which is host to most West African gold deposits.
Pasofino Gold Ltd. is a Canadian-based mineral exploration company.
Pasofino Gold Limited was down 2.174 per cent, trading at $0.45 at 11:13 AM ET.
