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Fladgate advises Cassidy Gold Corp on the sale of the Kouroussa Gold Project

Fladgate advised Cassidy Gold Corporation on its sale of the Kouroussa Gold Project to Hummingbird Resources plc. The project, located in Guinea, is a near term development asset i...

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Date: 01/07/2020

Authors:

Paul airley colour 2017

Paul Airley

Partner

Fladgate advised Cassidy Gold Corporation on its sale of the Kouroussa Gold Project to Hummingbird Resources plc. The project, located in Guinea, is a near term development asset in the Siguiri Basin, which has a high grade mineral resource of 1.18 million ounces of gold at >3gt.

The Kouroussa Gold Project was sold for an initial consideration of £10 million, which will be satisfied through the issue of more than 35.2 million new ordinary shares at 28.4p per share, which is equivalent to approximately US$10 per resource ounce.

Additionally, Hummingbird will pay deferred consideration of £10 for every ounce of gold reserve published (or processed if not included in a reserve) in excess of 400,000 ounces (subject to a maximum of 1,000,000 ounces, or £6 million).

Cassidy will also retain a 2% net smelter royalty on all gold sales by or on behalf of Hummingbird over and above the first 200,000 ounces of its production and sales up to a maximum of 2.2 million ounces of production and sales.

The Fladgate team was led by capital markets partner, Paul Airley and senior associate, David Baverstock.

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