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Hummingbird Resources said work would now commence on the Dugbe project in Liberia after Pasofino completed the acquisition of ARX Resources, the company's joint venture partner for the project, and raised C$10m through an equity fundraise.
The Dugbe project was expected to be developed by Pasofino Gold (previously ARX Resources Limited) through an earn-in agreement. Pasofino planned to use the net proceeds from the fundraise for exploration and development work at the Dugbe project.
Pasofino would earn its 49% stake in the project once it has met milstones including the completion of a mutually agreed exploration programme and a feasibility study, the company said.
At 10:08am: (LON:HUM) Hummingbird Resources share price was -0.5p at 37.5p