Hummingbird flotation led by Yorkshire advisers
YORKSHIRE advisers have played a key role in the admission of a new company to the AIM market worth £89.1m this morning.
Hummingbird Resources has raised around £25m through its flotation which comes five years after the gold exploration company was first established.
The company was advised by a team of lawyers from Cobbetts in Leeds led by Charles Bond, alongside reporting accountants from Baker Tilly in Leeds led by Mark Pownall and investment bank Liberum Capital, which opened an office in the city in October.
Guy Jackson, head of corporate at Cobbetts in Leeds, said: “There is renewed optimism surrounding AIM and this latest admission represents further interest in the market from basic materials companies.
“Our pipeline suggests that this trend will continue into 2011. We were delighted to have advised Hummingbird Resources on this important step in its strategic development and alongside other advisers based in Leeds which shows the strength of the financial services community in Yorkshire.”
Hummingbird Resources has been exploring for minerals in Liberia over the last five years and is currently the holder of the largest area of mineral exploration ground in the east of the country.
The money raised through the flotation will be used for working capital and to fund the next phase of exploration.
Daniel Betts, chief executive of Hummingbird Resources, said: “The highly prospective region of Eastern Liberia represents one of the most exciting mineral exploration areas in West Africa and our position as holder of the largest area of mineral exploration ground in the region provides an excellent opportunity for substantial resource growth.
“Hummingbird draws on the experience of over 250 years of family involvement in precious metals.
“The funds raised in connection with today’s admission to AIM will help the company further develop through the continued and systematic exploration of its licence areas. We aim to improve our understanding of the targets we have already identified and to discover further significant gold resources in the region.”
