TIDMHUM
RNS Number : 1075P
Hummingbird Resources PLC
24 May 2018
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
Hummingbird Resources plc
("Hummingbird" or the "Company")
2017 Audited Final Results
Hummingbird Resources (AIM: HUM), the African gold producer, is
pleased to announce its final audited results for the period ended
31 December 2017.
Chairman's Statement
In my statement in last year's annual report, I focussed
significant attention to the delivery of Yanfolila by the end of
2017. I am pleased to report that this goal was achieved by the
Company on time and on budget. As everyone in the industry knows,
this is an impressive accomplishment - even more so when you
consider it is the first mine this team has built together.
2017 was a year of significant transition for the Company.
Having re-capitalised and started construction in 2016, this past
year centred on delivery. The Company completed construction,
commissioning and first gold pour to schedule and budget. Post
period end, the Company has also ramped-up through Q1, as
previously stated, and entered into commercial production on 1
April 2018. Whilst delivery of Yanfolila is the Company's most
significant achievement, I would like to focus on the other areas
of the Company that also had significant success.
Post period end we appointed two new Non-Executive Directors to
our Board and also the Technical Advisory Committee ('TAC'). Attie
Roux is the former COO of Endeavour Mining, who oversaw its growth
from a single mine operation to the multi-mine mid-tier operator it
is today. His breadth of relevant experience will be immensely
important as we also look to follow a path of significant growth in
the coming years. He will also chair our TAC, which plays an
important role in overseeing our Operations team and ensuring
Yanfolila continues to deliver. We have also welcomed Ernie Nutter
to the Board. Ernie is a former Senior Banker at RBC and latterly
Director of Capital International Asset Management, one of the
largest money managers globally. He is a Geologist by training and
will also sit on our TAC. His knowledge of capital markets, not to
mention his North American presence, will be invaluable to us as we
are now a cash flow positive company with significant growth plans,
should the right opportunity present itself. I believe these hires
reinforce our Board, whilst maintaining its high level of
independence, which is crucial to good governance. The Company
stands in a stronger position with them on the team.
The Company is pleased to report that Yanfolila has a 95% Malian
work force. Our Supervisors and control room Operators, having been
recruited from similar gold operations within Mali, particularly
add important local experience. Furthermore, the plant operators
have been hired from nearby villages, which is also in line with
the Company's objective to provide local employment. Through
comprehensive onsite training and sound supervision, these teams
are now operating the plant effectively and have validated our
endeavours to hire locally. What is more, we are very pleased to
report that 25% of our plant operators are women, against an
industry average of around 8%. We will continually look to maintain
and expand this policy of local hires and, where possible, seek to
reach as equal a gender balance as possible.
Safety remains an integral part of the business and through
construction the Company achieved a Lost Time Injury Frequency Rate
('LTIFR') of 3.37 (per 1,000,000 hours), which is lower than the
Australian construction industry average of 4.0 LTIFR - this is no
mean feat given the location in which we were operating. Since
reaching full operations there has been a further improvement on
the LTIFR of 1.66 in Q1 2018.
2017 has seen the development of our Sustainability programme
across five focus areas, including WASH (water, sanitation and
hygiene); education; community health; food, security and
agriculture; and local economic development. The 2018 plan aims to
invest directly in these areas and maximise impact by partnering
with organisations already active in these areas.
The Bougoudale water supply system, which aims to bring tapped
water to 4,000 people, has now reached completion and work in the
WASH is now focussed on rolling similar projects out to other
communities near the mine. Construction of a new community health
care centre started in March 2018 and construction will be
completed in Q2 2018. This seeks to transform the medical service
provision within the local community by expanding facilities and
services available. Our medical team has also continued to assist
in teaching and skills transfer for local medical professionals,
while the soap-making organisations we helped to found in 2017 are
now reporting record profits. We are excited to further support
these groups as the year continues, with goals to upgrade their
infrastructure and production capabilities.
I look forward to another stellar year for the Company and in
next year's report I look forward to hopefully reporting that the
Company has hit its guidance for the year by producing
105,000-115,000ozs of gold and continuing to deliver and improve
health, safety, community engagement and good governance standards
across the board.
As ever, we are extremely grateful to our shareholders and all
stakeholders for their support of Hummingbird as we look to deliver
on our goals.
Russell King
Non-Executive Chairman
CEO's Statement
2017 financial year saw the Company deliver on what it set out
to achieve, primarily to build the Yanfolila Gold Mine in Mali on
budget and on time. Having publicly stated the aim to pour gold at
the end of the year, and by the end of Q1 2018 to have ramped up to
full scale operations, we are very pleased to have accomplished our
objectives.
Fast forward to today and we actually poured first gold on
19(th) December, which is an excellent achievement and it goes
without saying that huge credit must go to every member of the
project team for their herculean efforts sustained over a long
period of time that made these achievements possible. Furthermore,
as I write this, we have successfully ramped up the plant and mine
to full capacity on time, and once again shown an ability to meet
our targets. This has all been achieved against a backdrop of a
robust and slightly rising gold price, and yet sentiment in the
market towards gold mining stocks remains damp. Today, Hummingbird
trades on under three times its first full year's projected free
cash flow to 31 March 2019 and that valuation takes no account of
the upside at Yanfolila, with 1.5Moz outside of the current
Reserves, the value of our Dugbe Gold Project in Liberia, or the
calibre of the skills now embedded in our proven team and what we
may be able to do with that skillset.
Our share price may have risen by over 50% from the placing
price of 22p, but we don't see this as the achievement that others
might. We see our value as more than just a price on a screen,
whilst we recognise that that is the ultimate arbitor of value at
any point in time. Our challenge now is to release that latent
value for all to see and we will do this in three ways: firstly, we
will continue to develop Yanfolila into a well operated, low cost,
best in class gold producer and we will build on the reputation
that Hummingbird is rightfully earning as a company that delivers
on its commitments. Secondly, we will aggressively seek to develop
the Reserves and Resources around the Yanfolila mine to extend the
mine life and prove longer-term value in this business, but in a
responsible and financially disciplined manner. Thirdly, we will
pursue other opportunities, including those within our own
projects, where we can bring the skills of our project team to bare
by unlocking value in project execution, but again in a strict and
highly disciplined environment. Crucially though, if we do not find
projects that meet our strict return criteria, then we will not
seek growth for growth's sake and we will examine all options to
best use our cash flow from Yanfolila, including the possibilities
of dividends or share buybacks.
Our aim is to create shareholder 'value'. Value is a complicated
word, but I firmly believe that we have the skills, ambition and
now the platform to create considerable value for our business and
all its stakeholders. We have the ability to remain flexible in our
capacity to unlock this value for the long term, although it may
present itself in a complicated world with an increasingly
short-term horizon.
Financial performance
Funding
During 2017 the Company raised no equity and completed the
Yanfolila Gold Project on budget. During the year we replaced our
bridge loan finance with a senior debt facility of US$60m from
Coris Bank International. Coris is a large retail bank based in
Burkina Faso and this loan represents the single largest African
led debt financing of an African mining project to our knowledge.
Coris has been an excellent partner in the development of the
Project and affords us a profile in the region which is to the
benefit of us all. The bank holds a refreshing understanding of
operating in Africa and the resource sector and we look forward to
a long and happy relationship with the team there. The terms of our
debt facility are that we will pay back the loan on a straight line
basis over three years from June 2018 and we have ample cash flows
and cash on our balance sheet to comfortably meet these
repayments.
Balance Sheet
The company poured first gold on 19(th) December 2017 and still
had US$41m of cash on the balance sheet at 31(st) December 2017.
This was in excess of our projections, largely owing to the delay
in settlement of some construction costs. Excluding liabilities,
the cash balance stood at approximately US$15m on completion of
construction and I am pleased to be able to report that the Company
became operationally cash flow positive in February 2018.
Cash Flow
The Yanfolila mine has always been attractive from a cash flow
perspective, anticipated to generate strong cash flows from the
first year. Based on a $1,300 gold price and our forecast
production target in our first full year of production (1(st)
April2018 - 31(st) March 2019) of 120,000 oz - 135,000 oz of gold
at an AISC of $750-800 per ounce, this would generate free cash
flow of at least $60m. We believe that these cash flows are
sustainable for longer than the current mine plan represents and we
will look to extend and improve these forecasts through vigorous
exploration in 2018.
Dividend Policy
Now that we have become cash flow positive, many of the
conversations I have with investors and commentators are regarding
what we intend to do with the cash, so now seems an appropriate
time to address this issue head on. First and foremost, Hummingbird
is still a new company, having only declared commercial production
in the last few weeks. It needs time to become strong and stable
and it is too soon to make grand promises about dividend policies.
That said, I will say that this is an issue that is constantly
addressed by the Board and it is our intention to deliver
shareholder value. If that denotes returning all the cash to
shareholders, then so be it, however, I would say that mining is
unique. We manage a finite and depleting Resource (our orebody) and
if we are going to achieve our aim of building a world class mining
business then we must constantly re-invest in our business through
a combination of prudent exploration and disciplined corporate
activity, providing those options present real opportunities to
create value. As ever, we will continue to pursue our quest in the
best interest of all shareholders, maintaining the standards and
flexibility we have always had.
Government of Mali
Much has been made in the media of late regarding the potential
risk of the Government of Mali (and African governments in general)
changing the terms of mining conventions and therefore disrupting
the basis on which investors choose to invest in the continent. As
with any country, the countries in which we operate have their own
unique risks and challenges, which we are constantly evaluating,
but it would seem evidential from our strong and close relationship
with the Government of Mali that we are dealing with an authority
that both understands and supports the mining sector and would not
intentionally damage the single largest contributor to its GDP.
Government of Liberia
The Government of Liberia recently completed its first
transition of power through a democratic election process in nearly
three decades. This is a monumental achievement for the country and
we are enthused by the potential to grow on our strong foundations
in the republic. We are engaged with the new administration, and
recently hosted a party of nine officials at our mine in Mali where
we held comprehensive presentations on our operations and discussed
what Hummingbird hopes to bring to Liberia. The Dugbe Gold Project
is of significant importance to the new government and we look
forward to working closely with them to unlock the value of this
venture.
Yanfolila Gold Mine Status
Construction Summary
At the risk of repeating myself, the Yanfolila Gold Mine was a
construction success, for which I would like to thank the dedicated
work of all Hummingbird's staff and the hard and disciplined work
of our contractors. Special mention should go to our EPCM
contractors, SENET, our civil and SMPP contractors, Imagri, and our
mining contractors, AMS, for the delivery of their project
responsibilities. Building this mine has taken over 1.5 million man
hours, we have used over 5,000 tons of concrete and over 20km of
piping in and around the plant. At its peak construction,
Hummingbird employed over 750 people to make this happen.
Not only am I delighted that the team has worked together to
build the Project on time and on budget, but I am also proud of the
meticulous attention paid to all elements of SHEC (Safety, Health,
Environment & Community), which we will look to build upon as a
fundamental part of our operational business. To name but a few key
figures, the LTIFR (Lost Time Injury Frequency Rate) through
construction was 3.37 (per 1,000,000 hours), which is lower than
the Australian construction industry average of 4.0 LTIFR. In Q1 of
2018 we have achieved an LTIFR of 1.66, and this is a key target
against which we will monitor performance throughout the rest of
the year.
In addition, it is worth mentioning a few of the community
initiatives already accomplished by the Company in 2017, which
further highlights our commitment to all of the stakeholders and
communities within our areas of operation. I would particularly
like to thank our partners CCI (Critical Care International) for
their assistance in the roll-out of our healthcare initiatives.
We have conducted over 1,000 hours of healthcare teaching, with
12 healthcare workers reporting to use their newborn resuscitation
skills on a weekly basis on infants who would otherwise have
died.
We have assessed > 1,000 children for malnutrition, with 159
detected cases being successfully treated. We have made a
significant contribution to the Malian blood bank and in February
we proudly contributed 151 units of blood over 3 days. Nationally,
the blood bank records an average of just 15 donors per day.
Company doctors have assisted in several dozen community incidents,
from road traffic accidents to complex medical problems and
birthing issues. We have been involved in building the Bougoudale
village clinic and are training the necessary staff to run it. This
is a significant facility that we believe will have a major benefit
for the community. In education, the Company has made donations to
support salaries of 20 teachers in three communes. The Company has
more than doubled the water supply to Bougoudale, with a
sustainable solar powered water pump and distribution facility. The
Company has built sustainable livelihoods for over 300 women across
10 villages working in the now cash flow positive soap factory and
we will continue to support this further. Looking ahead, the
Company has committed significant investment to the community
development plan which will address the five pillars of:
-- Water & sanitation
-- Community health
-- Education
-- Food, security & agriculture
-- Local economic development
Corporate
At a corporate level I would like to offer my sincere thanks to
Mr Matthew Idiens (Co-Founder) and Mr David Pelham for their
services to Hummingbird over the last decade, and for their
guidance to me on a personal level. Both have been instrumental in
the formation and development of the Company and we would not be
where we are today without either one of them. Both will be
stepping down from the Board at the AGM in June.
To replace them, I am also extremely pleased to welcome to the
Board, Mr Ernie Nutter and Mr Attie Roux. Both individuals have a
long and distinguished track record of experience and successful
delivery across many aspects of the mining industry and I am
looking forward to working with them both as we build the next
chapter for Hummingbird.
Dan Betts
Chief Executive Officer
**S**
For further information, please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts, Hummingbird Resources plc Tel: +44 (0) 20 7409
CEO 6660
Thomas Hill,
FD
Robert Monro,
IR
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer Nominated Adviser & Broker 3494
James Bellman
Gordon Poole Camarco Tel: +44 (0) 20 3 757
Owen Roberts Financial PR/IR 4980
James Crothers
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is a leading gold production,
development and exploration company. The Company has two core gold
projects, the Yanfolila Gold Mine in Mali and the Dugbe Gold
Project in Liberia.
Yanfolila produced its first gold pour on time and budget in
December 2017 and is expected to produce approximately 107,000oz
gold/year on average over the Life of Mine. Yanfolila holds
Probable Reserves of 709,800oz @ 3.14g/t, total Resources of 1.8Moz
of gold and an additional 390,700oz of non-compliant exploration
potential.
The Dugbe Gold Project has Resources currently totalling 4.2Moz
of gold and a completed NI 43-101 compliant PEA on the project
showing a 29% IRR and US$186m NPV at a US$1,300 gold price.
In addition to Hummingbird's production and development assets,
the Company also has an exploration footprint of 4,000km(2) and a
34% interest in AIM listed Cora Gold, which is advancing a
portfolio of prospects in Mali and Senegal.
Financial Statements
Consolidated Income Statement For the Year ended 31 December
2017
2017 2016
$'000 $'000
------------------------------------ ---- -------- --------
Continuing operations
Revenue - -
------------------------------------ ---- -------- --------
Share based payments (424) (505)
Other administrative expenses (6,351) (7,114)
------------------------------------------ -------- --------
Administrative expenses (6,775) (7,619)
Finance income 6,514 668
Finance expense (6,877) (1,491)
Profit on disposal of subsidiaries 1,919 -
Share of associate loss (117) -
------------------------------------ ---- -------- --------
Loss before tax (5,336) (8,442)
Tax - -
------------------------------------ ---- -------- --------
Loss for the year attributable to
equity holders of the parent (5,336) (8,442)
Loss per ordinary share
Basic and diluted ($ cents) (1.55) (3.60)
========================================== ======== ========
None of the above results were attributable to non-controlling
interests (2016: $nil).
Consolidated Income Statement of Comprehensive Income For the
Year ended 31 December 2017
2017 2016
$'000 $'000
--------------------------------------- ---- -------- --------
Loss for the year (5,336) (8,442)
Other comprehensive income
Exchange translation differences on - -
foreign operations
--------------------------------------- ---- -------- --------
Total comprehensive loss for the year
attributable to equity holders of
the parent (5,336) (8,442)
============================================= ======== ========
None of the above results were attributable to non-controlling
interests (2016: $nil).
Consolidated Balance Sheet As at December 2017
2017 2016
$'000 $'000
---------------------------------------- ---- -------- ---------
Assets
Non-current assets
Intangible exploration and evaluation
assets 63,249 63,137
Intangible assets software 163 -
Property, plant and equipment 129,954 51,091
Investment in associates 3,704 -
197,070 114,228
--------------------------------------------- -------- ---------
Current assets
Inventory 1,392 -
Trade and other receivables 15,135 9,460
Unrestricted cash and cash equivalents 36,210 53,839
Restricted cash and cash equivalents 4,410 -
57,147 63,299
--------------------------------------------- -------- ---------
Total assets 254,217 177,527
============================================== ======== =========
Liabilities
Non-current liabilities
Borrowings 53,404 -
Current liabilities
Trade and other payables 28,422 10,856
Other financial liabilities 16,368 15,510
Borrowings 11,246 14,751
Total liabilities 109,440 41,117
---------------------------------------------- -------- ---------
Net assets 144,777 136,410
============================================== ======== =========
Equity
Share capital 5,176 5,156
Share premium 148,930 148,516
Other reserves 2,000 -
Retained earnings (15,500) (17,262)
---------------------------------------------- -------- ---------
Equity attributable to equity holders
of the parent 140,606 136,410
============================================== ======== =========
Non-controlling interest 4,171 -
Total equity 144,777 136,410
============================================== ======== =========
Consolidated Statement of Cash Flows
2017 2016
$'000 $'000
Net cash outflow from operating activities (649) (6,371)
------------------------------------------------- --------- ---------
Investing activities
Purchases of intangible exploration
and evaluation assets (1,233) (973)
Purchase of intangible assets software (185) -
Purchases of mine development assets (55,858) (9,610)
Purchases of property, plant and
equipment (510) (108)
Purchase of shares in other companies (741) -
Interest received 320 160
Net cash used in investing activities (58,207) (10,531)
------------------------------------------------- --------- ---------
Financing activities
Net proceeds from issue of shares - 66,315
Exercise of warrants 434 -
Loan interest paid (3,955) (1,303)
Loans repaid (15,000) -
Loans received net of issue costs 57,980 -
Net cash from financing activities 39,459 65,012
------------------------------------------------- --------- ---------
Net (decrease) / increase in cash
and cash equivalents (19,397) 48,110
Effect of foreign exchange rate changes 6,178 (1,491)
Cash and cash equivalents at beginning
of year 53,839 7,220
Cash and cash equivalents at end of
year 40,620 53,839
================================================= ========= =========
Consolidated Statement of Changes in Equity
Total
equity
attributable
Share Share Other Retained to the Non-controlling
capital premium Reserves earnings parent interest Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
------------------------- --------- --------- ---------- ---------- -------------- ---------------- --------
As at 31 December
2015 1,723 81,428 - (9,499) 73,652 - 73,652
Comprehensive loss
for the year:
Loss for the year - - - (8,442) (8,442) - (8,442)
------------------------- --------- --------- ---------- ---------- -------------- ---------------- --------
Total comprehensive
loss for the year - - - (8,442) (8,442) - (8,442)
Transactions with
owners in their
capacity as owners
Issue of shares
net of costs 3,433 67,088 - - 70,521 - 70,521
------------------------- --------- --------- ---------- ---------- -------------- ---------------- --------
Total transactions
with owners in their
capacity as owners 3,433 67,088 - - 70,521 - 70,521
Share based payments - - - 679 679 - 679
As at 31 December
2016 5,156 148,516 - (17,262) 136,410 - 136,410
========================= ========= ========= ========== ========== ============== ================ ========
Comprehensive loss
for the year:
Loss for the year - - - (5,336) (5,336) - (5,336)
------------------------- --------- --------- ---------- ---------- -------------- ---------------- --------
Total comprehensive
loss for the year - - - (5,336) (5,336) - (5,336)
Transactions with
owners in their
capacity as owners
Acquisition of minority
interests - - 2,000 (1,000) 2,000 - 1,000
Disposal of minority
interest - - - 6,678 6,678 4,171 10,849
Exercise of warrants 20 414 - - 434 - 434
------------------------- --------- --------- ---------- ---------- -------------- ---------------- --------
Total transactions
with owners in their
capacity as owners 20 414 2,000 5,678 8,112 4,171 12,283
Share based payments - - - 1,420 1,420 - 1,420
As at 31 December
2017 5,176 148,930 2,000 (15,500) 140,606 4,171 144,777
========================= ========= ========= ========== ========== ============== ================ ========
Notes to the Consolidated Financial Statements
1 General information
Hummingbird Resources Plc is a public limited company with
securities traded on the AIM market of the London Stock Exchange.
It is incorporated and domiciled in the United Kingdom and has a
registered office at 49-63 Spencer Street, Hockley, Birmingham,
West Midlands, B18 6DE.
The nature of the Group's operations and its principal
activities are the exploration, evaluation, development, and
operating of mineral projects, principally gold, focused
exclusively in West Africa.
2 Basis of preparation
In accordance with Section 435 of the Companies Act 2006, the
Group confirms that this financial information for the years ended
31 December 2017 and 2016 is derived from the Group's audited
financial statements and as such do not contain all the information
required to be disclosed in financial statements prepared in
accordance with International Financial Reporting Standards
("IFRS").
The Group's audited financial statements have been prepared in
accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board and as
adopted by the EU and those parts of the Companies Act 2006
applicable to companies reporting under IFRS. The Group's audited
financial statements for the year ended 31 December 2017 received
an unqualified audit opinion and the auditor's report contained no
statement under section 498(2) or 498(3) of the Companies Act
2006.
The functional currency of all companies in the Group is United
States Dollar ("$"). The financial statements are presented in
thousands of United States dollars ("$'000"). For reference the
year-end exchange rate from Sterling to $ was $1.3491 (2016:
$1.23016).
3 Loss per ordinary share
Basic loss per ordinary share is calculated by dividing the net
loss for the year attributable to ordinary equity holders of the
parent by the weighted average number of Ordinary shares
outstanding during the year.
The calculation of the basic and diluted loss per share is based
on the following data:
2017 2016
$'000 $'000
------------------------------------------------ ------------ ------------
Losses
Loss for the purposes of basic loss per share
being net loss attributable to equity holders
of the parent (5,336) (8,442)
================================================ ============ ============
2017 2016
Number of shares Number Number
------------------------------------------------ ------------ ------------
Weighted average number of ordinary shares
for the purposes of basic loss per share 343,566,800 234,603,288
================================================ ============ ============
2017 2016
Loss per ordinary share $ cents $ cents
------------------------------------------------ ------------ ------------
Basic and diluted (1.55) (3.60)
================================================ ============ ============
At the balance sheet date there were 20,515,061 (2016:
23,446,146) potentially dilutive ordinary shares. At 31 December
2017 the potential ordinary shares are anti-dilutive and therefore
there is no difference between basic and diluted loss per
share.
4 Net debt reconciliation
Foreign
Exchange
At 1 January Movement Amortisation At 31 December
of issue
costs
2017 Cash $'000 $'000 2017
flow
$'000 $'000 $'000
--------------------- -------------- --------- ---------- -------------- ----------------
Unrestricted cash 53,839 (23,512) 5,883 - 36,210
Restricted cash - 4,115 295 - 4,410
--------------------- -------------- --------- ---------- -------------- ----------------
Total cash and cash
equivalents 53,839 (19,397) 6,178 - 40,620
Borrowings (14,751) (42,980) (6,019) (900) (64,650)
--------------------- -------------- --------- ---------- -------------- ----------------
Net debt 39,088 (62,377) 159 (900) (24,030)
--------------------- -------------- --------- ---------- -------------- ----------------
5 Events after the reporting date - Joint Venture
The Company has entered into a joint venture agreement ("JV
Agreement") with Stephen Betts and Sons Limited ("SBS") and Betts
Investments Limited ("BIL"). Daniel Betts and Stephen Betts who are
both directors of the Company, are also directors of and
shareholders in SBS. BIL is currently 50% owned by SBS.
BIL has been established for the marketing of gold and other
precious metals investment products (including the Hummingbird 1oz
gold coin), marketing coin manufacturing services to the mining
industry and for the development of the Single Mine Origin ("SMO")
brand, concept and accreditation procedures.
Under the JV Agreement, the Company will invest GBP75,000 for a
19% interest in BIL, with the option to increase its stake to 49%
for a further investment of GBP75,000. The Company has agreed to
sell Hummingbird 1 oz gold coins to SBS to fulfil orders placed by
customers via BIL. Additionally, the Company will provide marketing
support and treasury services to BIL.
SBS shall be responsible for the fulfilment of all orders of
gold and other precious metals investment products and BIL will
receive a commission equal to 50% of the gross margin on all sales
of gold and other precious metals investment products.
The JV Agreement constitutes a related party transaction
pursuant to AIM Rule 13. Accordingly, the Company's Directors,
other than Daniel Betts and Stephen Betts, consider, having
consulted the Company's Nominated Adviser, that the terms of the JV
Agreement are fair and reasonable insofar as Hummingbird's
shareholders are concerned.
6 Availability of Accounts
The audited Annual Report and Financial Statements for the year
ended 31 December 2017 and notice of AGM will shortly be sent to
shareholders and published at: www.hummingbirdresources.co.uk.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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