Hummingbird Resources secures US$8.9 million funding package to fast-track development of its Yanfolila gold project in Mali

On 20 March 2015, Hummingbird Resources plc (AIM: HUM), the West African gold exploration and development company, announced that it had secured a funding package of US$8.9 million, consisting of a placing of shares and warrants for approximately US$3.9 million and entry into a binding agreement with BCM International Ltd. to take up to US$5 million of shares in lieu of future payments due under project contracts. The funding package can be increased by a proposed open offer to shareholders.

Proceeds from the placing will be used in conjunction with the proposed US$75 million Taurus Funds Management facility to bring Yanfolila in Mali into production, which is expected in H1 2016.

The firm advised Hummingbird with respect to the funding package with a team that included Charles Bond, David Brennan and Victoria Yao.