Hummingbird Resources (GB:HUM) has released an update.
Hummingbird Resources has entered into a subscription agreement to convert approximately £23.1 million of existing loan facilities into equity by issuing 863 million new shares. This move, subject to shareholder and regulatory approvals, aims to increase the Subscriber’s stake in the company to over 70%. The deal is part of Hummingbird’s strategy to strengthen its financial position and enhance its growth prospects.
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