Pasofino Gold Alerts Market to Indirect Take-Over Bid by Nioko Resources Corporation and the Occurrence of a Flip-In Event Under Its Shareholder Rights Plan
Pasofino Gold (EFRGF) has announced that Nioko Resources has acquired control of Hummingbird Resources PLC through a subscription option completed on January 7, 2025. This acquisition is viewed by Pasofino's board as an indirect take-over bid of the company.
The board has determined that this acquisition triggers a flip-in event under Pasofino's shareholder rights plan, as Hummingbird owns over 50% of Pasofino's shares. As a result, shareholders (excluding Hummingbird) can exercise rights to acquire 629.92 Pasofino shares at C$0.1428 per share.
Additionally, Hummingbird has proposed replacing board members Dan Betts and Tom Hill with Geoff Eyre and Oumar Toguyeni, though formal resignation letters are pending. The company reports strong third-party interest in its Dugbe Gold Project, including potential partnerships and acquisitions, with CEO Brett Richards stating the current market valuation is significantly undervalued.
Pasofino Gold (EFRGF) ha annunciato che Nioko Resources ha acquisito il controllo di Hummingbird Resources PLC attraverso un'opzione di sottoscrizione completata il 7 gennaio 2025. Questa acquisizione è vista dal consiglio di Pasofino come un'offerta di acquisizione indiretta della società.
Il consiglio ha determinato che questa acquisizione attiva un evento di flip-in secondo il piano dei diritti degli azionisti di Pasofino, poiché Hummingbird possiede oltre il 50% delle azioni di Pasofino. Di conseguenza, gli azionisti (escludendo Hummingbird) possono esercitare i diritti per acquisire 629,92 azioni di Pasofino a C$0,1428 per azione.
Inoltre, Hummingbird ha proposto di sostituire i membri del consiglio Dan Betts e Tom Hill con Geoff Eyre e Oumar Toguyeni, sebbene le lettere di dimissioni formali siano in attesa. L'azienda riporta un forte interesse di terzi per il suo Dugbe Gold Project, inclusi potenziali partnership e acquisizioni, con il CEO Brett Richards che afferma che la valutazione attuale del mercato è significativamente sottovalutata.
Pasofino Gold (EFRGF) ha anunciado que Nioko Resources ha adquirido el control de Hummingbird Resources PLC a través de una opción de suscripción completada el 7 de enero de 2025. Esta adquisición es vista por la junta de Pasofino como una oferta de adquisición indirecta de la compañía.
La junta ha determinado que esta adquisición activa un evento de flip-in bajo el plan de derechos de los accionistas de Pasofino, ya que Hummingbird posee más del 50% de las acciones de Pasofino. Como resultado, los accionistas (excluyendo a Hummingbird) pueden ejercer derechos para adquirir 629.92 acciones de Pasofino a C$0.1428 por acción.
Además, Hummingbird ha propuesto reemplazar a los miembros de la junta Dan Betts y Tom Hill con Geoff Eyre y Oumar Toguyeni, aunque las cartas de renuncia formales están pendientes. La compañía informa de un fuerte interés de terceros en su Dugbe Gold Project, incluyendo posibles asociaciones y adquisiciones, con el CEO Brett Richards afirmando que la valoración actual del mercado está significativamente subestimada.
Pasofino Gold (EFRGF)는 Nioko Resources가 2025년 1월 7일 완료된 구독 옵션을 통해 Hummingbird Resources PLC의 지배권을 인수했다고 발표했습니다. 이 인수는 Pasofino 이사회에 의해 회사에 대한 간접 인수 제안으로 간주됩니다.
이사회는 이 인수가 Pasofino의 주주 권리 계획에 따라 플립인 이벤트를 촉발한다고 판단했습니다. Hummingbird가 Pasofino의 주식의 50% 이상을 소유하고 있기 때문입니다. 결과적으로 주주(하밍버드를 제외하고)는 C$0.1428의 가격으로 629.92개의 Pasofino 주식을 인수할 권리를 행사할 수 있습니다.
또한 Hummingbird는 이사 Dan Betts와 Tom Hill을 Geoff Eyre와 Oumar Toguyeni로 교체할 것을 제안했지만, 공식 사직서는 아직 대기 중입니다. 회사는 CEO Brett Richards가 현재 시장 가치가 상당히 저평가되어 있다고 언급하면서 Dugbe Gold Project에 대한 제3자의 강한 관심을 보고하고 있습니다.
Pasofino Gold (EFRGF) a annoncé que Nioko Resources a acquis le contrôle de Hummingbird Resources PLC par le biais d'une option de souscription finalisée le 7 janvier 2025. Cette acquisition est perçue par le conseil d'administration de Pasofino comme une offre d'acquisition indirecte de la société.
Le conseil a déterminé que cette acquisition déclenche un événement de flip-in en vertu du plan de droits des actionnaires de Pasofino, car Hummingbird possède plus de 50 % des actions de Pasofino. En conséquence, les actionnaires (à l'exception de Hummingbird) peuvent exercer des droits pour acquérir 629,92 actions de Pasofino à 0,1428 C$ par action.
De plus, Hummingbird a proposé de remplacer les membres du conseil Dan Betts et Tom Hill par Geoff Eyre et Oumar Toguyeni, bien que les lettres de démission formelles soient en attente. L'entreprise fait état d'un fort intérêt de tiers pour son Dugbe Gold Project, y compris des partenariats et des acquisitions potentiels, le PDG Brett Richards déclarant que l'évaluation actuelle du marché est considérablement sous-évaluée.
Pasofino Gold (EFRGF) hat angekündigt, dass Nioko Resources die Kontrolle über Hummingbird Resources PLC durch eine am 7. Januar 2025 abgeschlossene Zeichnungsoption erworben hat. Diese Übernahme wird vom Vorstand von Pasofino als ein indirektes Übernahmeangebot für das Unternehmen angesehen.
Der Vorstand hat festgestellt, dass diese Übernahme ein Flip-In-Ereignis gemäß dem Aktionärsrechteplan von Pasofino auslöst, da Hummingbird über 50% der Anteile von Pasofino besitzt. Infolgedessen können die Aktionäre (mit Ausnahme von Hummingbird) das Recht ausüben, 629,92 Pasofino-Aktien zu einem Preis von C$0,1428 pro Aktie zu erwerben.
Darüber hinaus hat Hummingbird vorgeschlagen, die Vorstandsmitglieder Dan Betts und Tom Hill durch Geoff Eyre und Oumar Toguyeni zu ersetzen, obwohl formelle Rücktrittsschreiben noch ausstehen. Das Unternehmen berichtet von starkem Interesse Dritter an seinem Dugbe Gold Project, einschließlich potenzieller Partnerschaften und Übernahmen, wobei CEO Brett Richards erklärt, dass die aktuelle Marktbewertung erheblich unterbewertet ist.
- Strong third-party interest in Dugbe Gold Project
- Shareholder rights plan activation provides protection for minority shareholders
- Multiple potential partnership and acquisition offers received
- Indirect hostile takeover attempt by Nioko Resources
- Hummingbird shares delisted from AIM
- Bidder failed to file required early warning reports under Canadian securities laws
Toronto, Ontario--(Newsfile Corp. - March 3, 2025) - Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) ("Pasofino" or the "Company") alerts shareholders to the acquisition by Nioko Resources Corporation (the "Bidder") of control of Hummingbird Resources PLC (the "Acquisition") pursuant to the exercise of a subscription option that was completed on January 7, 2025. Further particulars of the Acquisition can be found at https://www.londonstockexchange.com/news-article/market-news/form-8-dd-hummingbird/16841491.
As a result of the Acquisition and a cash offer by the Bidder to the shareholders of Hummingbird that was commenced contemporaneously with the Acquisition, the listing of the ordinary shares of Hummingbird were cancelled from trading on AIM today. Further particulars of the cancellation can be found at https://www.research-tree.com/newsfeed/article/aim-cancellation-hummingbird-resources-plc-2751337.
The Company notes that the Bidder has not filed in the time and manner required an early warning report, press release or insider report (in each case as required by Canadian securities laws) in respect of the Acquisition's effect on the beneficial ownership of, or control or direction over, Pasofino.
The board of directors (the "Board") of Pasofino is of the view that the Acquisition is an indirect take-over bid of Pasofino and will be notifying the applicable securities regulators of the situation. In addition, the Board is of the view that the Acquisition constitutes a flip-in event under Pasofino's shareholder rights plan (the "Rights Plan") since Hummingbird, which beneficially owns or exercises control or direction of more than
As a result of the flip-in event, each right issued to a shareholder (other than Hummingbird) under the Rights Plan would have separated and become exercisable ten trading days after January 8, 2025. Based on the January 7, 2025 acquisition date, each right entitles the holder to acquire 629.92 shares of Pasofino (having a value of C
The Company understands that the Bidder is a subsidiary of Coris Invest Group (CIG) led by Burkinabe businessman Idrissa Nassa and advised by Sebastien de Montessus.
In addition, the Company received a letter from Hummingbird advising that Dan Betts and Tom Hill have confirmed their willingness to resign from the Board of Directors of Pasofino and that Hummingbird wishes to designate Geoff Eyre and Oumar Toguyeni as their replacements. However, the Company has not yet received resignation letters from Dan Betts and Tom Hill and thus is not in a position to consider the request at this time.
All dollar amounts are presented in Canadian dollars.
Chief Executive Officer, Brett A. Richards, stated: "Given the very strong interest in the Dugbe Gold Project from third parties in the recent months, including discussions on partnerships, potential acquisition(s) and attractive project financing, the Company is taking steps to protect its minority shareholders and to allow the Company to realize robust shareholder value from the results of these discussions. Given the quality of the project and the stable and supportive jurisdiction in which the Company operates, the Board believes that the current market valuation of Pasofino is significantly undervalued and it is apparent from the interest and preliminary offers received from bona fide suitors that we need to structure a process that realizes maximum value for our shareholders."
ABOUT PASOFINO GOLD LTD.
Pasofino Gold Limited is a Canadian-based mineral exploration company listed on the TSXV (VEIN).
Pasofino, through its wholly owned subsidiary, owns
For further information, please visit www.pasofinogold.com or contact:
Brett A. Richards, Chief Executive Officer and Director
T: 905 449 1500
E: brett@brettrichards.org
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "indicate", "may", "will", "should" and other similar words or statements that certain events or conditions "could" or "might" occur, and include, without limitation, statements regarding any potential transaction involving the Company or the Dugbe Gold Project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the ability to execute its strategic initiatives; the ability to advance the Dugbe Gold Project; the ability to apply the proceeds as intended; the ability to obtain requisite regulatory approvals, including from the TSX Venture Exchange and relevant authorities; the results of exploration and business activities; fluctuations in commodity prices; geopolitical risks; the availability and timing of external financing on acceptable terms; operational and logistical challenges; and the risks outlined in the Company's Management Discussion and Analysis as filed on SEDAR+. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243143
FAQ
What is the impact of Nioko Resources' takeover on EFRGF shareholders?
When did Nioko Resources complete the acquisition of Hummingbird Resources?
What changes are proposed to EFRGF's board of directors following the takeover?
What is the current status of EFRGF's Dugbe Gold Project?
