Pasofino continuing discussions with counterparty for strategic acquisition

Aim-listed Hummingbird Resources has provided an update on its 53%-owned subsidiary Pasofino Gold’s progress on a potential strategic transaction.

Pasofino is continuing discussions with a counterparty to facilitate due diligence and submission of a formal proposal for the potential strategic acquisition of the company.

In September, Pasofino announced that it had entered into an exclusivity agreement with a counterparty.

The nonbinding offer, valued at about $0.66 (C$0.91) per Pasofino common share, was the basis of discussions during this exclusivity period, which concluded on November 7.

Pasofino continues discussions with this counterparty on a non-exclusive basis, together with facilitating the counterparty’s efforts to secure financing for the acquisition.

Pasofino has also expanded access to its data room to additional interested parties and is arranging preliminary site visits for those conducting due diligence as part of their assessment, the company informs.

Pasofino owns the Dugbe gold project, in Liberia.