30th Jun 2015 09:29
LONDON (Alliance News) - Hummingbird Resources PLC on Tuesday said it has signed a deal to sell its Ensign Resources Ltd subsidiary to Taoudeni Resources Ltd, a West African gold explorer.
Hummingbird said it will receive a 10% equity stake in Taoudeni as part of the deal, plus a USD1 per ounce discovery bonus for the Asheba gold project in Mali.
"This transaction allows us to participate in the upside of both Asheba and Taoudeni as its team unlock the gold project's potential value with no capital commitment required by Hummingbird," said Chief Executive Dan Betts.
Shares in Hummingbird were down 2.6% to 33.375 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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