Hummingbird Resources

Hummingbird Resources, the West African focused gold company, announced today it has secured equity financing, subject to shareholder approval, of US$67m (£46m) for the construction of its 85% owned Yanfolila project in Mali. The funds will be used to complete detailed engineering works, order long lead items and commence construction of the mine. Financing will be completed with a debt facility, but finding the equity component was the greater challenge and we understand Hummingbird is in advanced discussions with several debt providers. This is the most important milestone for Hummingbird since it acquired Yanfolila in 2014 and we look forward to regular updates as the mine progress towards production. SPECULATIVE BUY – 02/06/16

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