#HUMMINGBIRD OUTLINE REGISTRATION#
#HUMMINGBIRD OUTLINE TRIAL#

Pasofino drilled an additional 14,584 m at Tuzon and Dugbe during 2021.

The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area.Ī large amount of exploration in the area was conducted by Hummingbird up until 2012 including 74,497 m of diamond coring. To date, two deposits have been identified on the Project Dugbe F and Tuzon discovered by Hummingbird in 20 respectively. The 2,559 km 2 Dugbe Gold Project is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup which is host to the majority of West African gold deposits. 30 days after Pasofino provides the Notice it will be responsible for sole funding the first US$4.71 million of Joint Venture Expenditures (the 'Sole Funding Costs') and shall remain as operator during such sole funding period. Upon delivery of the Notice the Company will acquire its 49% interest in the Dugbe Gold Project (the 'Project') in Liberia (prior to the issuance of the Government of Liberia's 10% carried interest). The net proceeds of the Offering will be used by the Company in connection with the delivery to Hummingbird Resources LLP of the Notice (as defined below) and the related Sole Funding Costs (as defined below) and the Company's previously announced strategic review process led by Ian Stalker.Īs published by the Company in its Augpress release announcing the filing of the Feasibility Study with respect to the Project under the Company's SEDAR profile, the option exercise conditions have been satisfied such that the Company may, within 120 days of Augdeliver the option satisfaction notice (the 'Notice') to Hummingbird Resources PLC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

#HUMMINGBIRD OUTLINE REGISTRATION#

Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The securities offered have not been registered under the U.S.

The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering. The Offering is expected to close in mid to late September 2022 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The Company may, in its sole discretion, increase the Offering by up to an additional 2,571,200 Units for additional gross proceeds of C$1,285,600 (or approximately US$1,000,000).Īs disclosed in the Company's Janupress release, Esan Eczacibasi Endustriyel Hammaddeler Sanayi ve Ticaret Anonim ^irketi ('ESAN'), a shareholder and insider of the Company, has the right to, but not the obligation, to subscribe under any private placement or prospectus offering of the Company in such amount as would permit ESAN to maintain its shareholding interest in the Company. Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a 'Warrant Share') at a price of C$0.65 for a period of 18 months following the issue date of the Units. August 8, 2022) - Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) (' Pasofino' or the ' Company') is pleased to announce a non-brokered private placement of up to 12,856,000 units of the Company (each, a 'Unit') at C$0.50 (or US$0.39) per Unit for gross proceeds of up to C$6,428,000 (US$5,000,000) (the 'Offering').Įach Unit will consist of one common share of the Company (each, a 'Unit Share') and one half of one common share purchase warrant (each whole warrant, a 'Warrant').

#HUMMINGBIRD OUTLINE TRIAL#

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