LONDON – Hummingbird Sources PLC (AIM: HUM), a gold producing firm, has introduced the refinancing of loans for its Malian subsidiary, Société des Mines de Komana (SMK), with a brand new mortgage settlement valued at roughly US$35.6 million. The settlement, repayable on December 31, 2025, carries an rate of interest of 9% every year and is unsecured, however will finally profit from present safety granted to Coris Financial institution Worldwide, a monetary establishment in West Africa.
This monetary transfer follows the corporate’s December 24, 2024, announcement relating to short-term monetary assist discussions with Nioko Sources Company. The refinancing is seen as a vital step to alleviate rapid monetary pressures confronted by Hummingbird and to assist the corporate’s goal of attaining self-sustaining money flows from its operations.
The unbiased administrators of Hummingbird, having consulted with the corporate’s Nominated Adviser, Strand Hanson Restricted, have deemed the phrases of the Mortgage Settlement to be honest and affordable for the corporate’s shareholders. Geoff Eyre, Interim CEO of Hummingbird, expressed that the engagement with Coris demonstrates their assist throughout a difficult interval for the corporate.
The mortgage is structured to grow to be repayable from the proceeds of any third-party financing, aside from the Coris group or a provider, following Nioko’s really useful money provide introduced on December 16, 2024, that has grow to be or been declared unconditional.
Hummingbird Sources, a member of the World Gold Council and a founding member of Single Mine Origin, operates the Yanfolila Gold Mine in Mali and the Kouroussa Gold Mine in Guinea. The corporate additionally holds a controlling curiosity within the Dugbe Gold Mission in Liberia, which is being developed by three way partnership companions Pasofino Gold Restricted.
This monetary replace is predicated on a press launch assertion and displays the corporate’s ongoing efforts to strengthen its monetary place and make sure the continuity of its mining operations in West Africa.
This text was generated with the assist of AI and reviewed by an editor. For extra info see our T&C.
