20th Mar 2015 09:45
LONDON (Alliance News) - Hummingbird Resources PLC on Friday announced fundraisings totalling just under USD12 million.
The West African gold exploration and development company said it has raised USD3.9 million via a share placing with institutional investors and has raised an additional USD5 million via a subscription deal with BCM International Ltd.
Hummingbird has raised the USD3.9 million via the placing of shares at 30 pence per share. The company did not say how many shares it would issue, but the size of the fundraising indicates it will issue 8.7 million shares.
In addition, Hummingbird has signed a deal with BCM International to subscribe for up to USD5 million worth of shares at the same price, once definitive project contracts are put in place.
Hummingbird added it will also conduct an open offer to shareholders of up to 6.7 million shares to raise up to GBP2 million at the same 30 pence per share placing price.
Shares in Hummingbird were down 2.6% to 31.65 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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