Bert Monro head of Business Development at Hummingbird PLC speaks to Share Talk about the Placing and Subscription to raise approximately £45.8 million market update. Funds will be used to complete detailed engineering, order long lead items and to commence construction of the Yanfolila Gold Mine with EGM approval.
Dan Betts, Managing Director of Hummingbird Resources, said: “We are now in a position to commence full-scale construction in order to bring Yanfolila, one of the highest margin undeveloped gold projects in Africa, to production. This equity placement enables Hummingbird to move immediately into detailed engineering with a clear timeline to production. The Company will now have a strong balance sheet and is positioned to negotiate the best possible debt terms for our shareholders.
“The Company will now make a number of key hires to strengthen the team. We look forward to making further announcements as we start delivering significant milestones at Yanfolila. Yanfolila will produce over US$70m of free cash flow in its first full year of steady state production.