Hummingbird Resources plc has received a further conditional subscription of US$1.4 million (£1.2m) from certain existing institutional shareholders.
OPEN OFFER
The company said is also inviting other Hummingbird shareholders to subscribe for new ordinary shares at the same price through an open offer aimed to raise up to circa $2.4m (£2m).
The move follows February’s strategic investment of $15m by CIG SA.
The entire fundraise, subject to shareholder approval, will raise gross proceeds of up to $19m.
USES
Hummingbird will use the funds to strengthen the balance sheet and start production at its second gold mine Kouroussa in Guinea, scheduled for first pour by the end of Q2 2023.
The company will also fast-track further exploration at the asset.