Hummingbird attracts fresh investment

BIRMINGHAM-registered gold exploration firm, Hummingbird Resources has attracted fresh investment from a company specialising in AIM-listed businesses.

Teathers, which is itself listed on AIM, has a policy of investing in AIM quoted companies either on flotation, through secondary offerings or by purchasing shares. It also targets unlisted firms which its board believes will be seeking a quotation on AIM within 12 to 18 months of such investment.

Its investment in Hummingbird amounts to £25,000, which it has funded through the purchase of 75,758 ordinary shares of 1p each. The shares represent 0.07% of the business.

Hummingbird is currently involved in the development of the Yanfolila Gold Project in Mali, West Africa, which it hopes could yield its first deposits next year.

Earlier this month it successfully raised £3.5m through a new share placing. The money will be used on the Yanfolila project.

It said it had received a lot of interest from the retail community and having bolstered its cash balance, was now is a stronger position to deliver its first gold pour at Yanfolila in 2016.