Hummingbird Resources plc has increased its debt with a US$5 million unsecured interest-free loan from its major investor CIG SA. Funds will be used to pay the first instalment to the Government of Mali, where the company owns the Yanfolila gold mine. The loan has a fixed $2.8mn royalty payable between 1 March 2025 and […]
Tag: loan
Hummingbird secures new $35.6m loan deal
Hummingbird Resources plc has refinanced its loan agreement to US$35.6 million to support its subsidiary’s operations in southern Mali. NEEDS The unsecured amount plus accrued interest at 9%, from its largest shareholder Nioko Resources Corporation, is repayable on 31 December 2025. The new arrangement follows Nioko’s mid-December buyout cash offer for the company. Hummingbird shareholders […]
FCM loan increases for North Hemlo-Sunbeam
First Class Metals plc’s existing loan has further increased from £500,000 to £700,000 for the North Hemlo and Sunbeam gold projects in Ontario, Canada. DRILLING The money from Seventy Ninth Group Ltd, which initially loaned £230,000 in June, adds to the investor’s proposed £2.18 million financing. Funds will be drawn in a single tranche and […]
FCM increases loan to £500,000
First Class Metals plc has more than doubled its loan for exploration in northern Ontario from the Seventy Ninth Group. KERRS The new loan agreement increases the original figure from £230,000 to £500,000 and will be drawn in a single tranche, repayable on 25 May 2025 at 15% interest. Seventy Ninth, which previously purchased McKellar […]
Hummingbird mulls selling non-core assets
Hummingbird Resources plc has secured a US$30 million loan as it initiates an independent review of its West Africa operations, including the possible sale of its non-core assets. KOUROUSSA The company’s largest shareholder CIG SA lent $20 million, payable in tranches, and consolidated a previous US$10 million short-term loan. Hummingbird said it anticipated changing the […]
Hummingbird completes $25m refinancing
Hummingbird Resources plc this week completed the US$25 million strategic refinancing of a portion of its existing loan facilities with principal financing partner Coris Bank International. KOUROUSSA The company said that the 24-month loan, with an annual 12% interest, would meet its existing loan obligations due in Q2 2024, providing a two-year deferment of “specific […]