Nioko Resources to acquire Hummingbird Resources for £13.4 million via an Unconditional Recommended Cash Offer
January 2025
Hummingbird Resources is an LSE AIM listed leading multi-asset, multi-jurisdiction gold producing Company, member of the World Gold Council and founding member of Single Mine Origin. The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which will more than double current gold production once at commercial production.
The Company also has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by joint venture partners, Pasofino Gold Limited. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, and a 14-year life of mine at a low AISC profile.
Nioko is a company incorporated in Burkina Faso and a wholly-owned subsidiary of CIG, which is also incorporated in Burkina Faso. CIG is wholly owned and controlled by Mr. Idrissa Nassa, a Burkinabe national and entrepreneur.
CIG’s aim is to focus on innovative solutions in line with the financing needs of companies and institutions with high local added value and capable of developing a profitable and sustainable business. It specialises in investment, strategy and consulting focusing on the West African region. Currently, CIG has approximately US$100 million of investments and fixed assets across more than 15 investments, including a shareholding in Orezone Gold Corporation (held through 17 Nioko), a Canadian exploration and development company which owns the Bombore gold mine project in Burkina Faso.
On 16th December 2024, the Boards of Nioko Resources and Hummingbird announced that they had reached agreement on the terms of a recommended all cash offer to be made by Nioko for the entire issued and to be issued share capital of Hummingbird not already owned, or agreed to be acquired, by Nioko.
The data rooms team at Perivan was delighted to work with the financial advisory teams who included Stifel who acted as Joint Financial Adviser and Strand Hanson who acted as Joint Financial Adviser and Nominated Adviser to Hummingbird and Hannam & Partners and SCP Resource Finance who both acted as Joint Financial Adviser to Nioko, with the provision of the Engage data room platform for the due diligence and deal process management.
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Perivan specialise in the production of investor shareholder and investor communications documentation and the provision of virtual data rooms to streamline complex transactions relating to Mergers & Acquisitions.