On September 1, 2020, Hummingbird Resources plc (AIM: HUM) ("Hummingbird" or the "Company") announced the completion of the acquisition of the Kouroussa Gold Project, located in Guinea, with ownership now formally having been transferred from Cassidy Gold Corp to Hummingbird.
Hummingbird is now waiting to be awarded the mining licence for the Project from the Government of Guinea. Once awarded, Hummingbird will pay the initial consideration of £10 million, which will be satisfied through the issue of 35,248,441 new Ordinary Shares, representing 9.0% of the enlarged share capital of the Company.
The Project is a near term development asset in the prolific Siguiri Basin, situated near the town of Kouroussa in the Kouroussa Prefecture in eastern Republic of Guinea. The synergies between the Project and Hummingbird's existing producing Yanfolila Mine, enable the Company to use similar metallurgical flow sheet and process plant design to leverage construction and, operational expertise.
Gowling WLG advised Hummingbird with respect to this acquisition with a team led by Partner and Head of Natural Resources Charles Bond and that included Emily Airton, Alex Davidson and Abby Parkin.