Pasofino Gold Announces Resignation of Directors and Provides Update on Actions Taken by Nioko Resources Corporation
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) announced the resignation of two board directors, Mr. Dan Betts and Mr. Hill, who were nominees of Hummingbird Resources PLC. The company also disclosed that Nioko Resources 's acquisition of Hummingbird control on January 7, 2025, triggered a termination right for APG AUS NO 5 PTY regarding the Net Smelter Returns Royalty Deed.
If the Royalty Holder exercises their termination right within 6 months of receiving notice, Pasofino Liberia must pay a US$15 million termination fee within 9 months. Hummingbird and ARX Resources are jointly liable for this payment. Pasofino expects Nioko or Hummingbird to pay the fee since their actions triggered the termination right, though there's no guarantee of payment.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) ha annunciato le dimissioni di due membri del consiglio, il signor Dan Betts e il signor Hill, che erano nominati da Hummingbird Resources PLC. L'azienda ha anche rivelato che l'acquisizione di Hummingbird da parte di Nioko Resources, avvenuta il 7 gennaio 2025, ha attivato un diritto di risoluzione per APG AUS NO 5 PTY riguardo al contratto di Royalty sulle Entrate da Fusione.
Se il titolare della Royalty esercita il proprio diritto di risoluzione entro 6 mesi dalla ricezione della notifica, Pasofino Liberia deve pagare una penale di risoluzione di 15 milioni di dollari USA entro 9 mesi. Hummingbird e ARX Resources sono solidalmente responsabili per questo pagamento. Pasofino si aspetta che Nioko o Hummingbird paghino la penale poiché le loro azioni hanno attivato il diritto di risoluzione, anche se non c'è alcuna garanzia di pagamento.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) anunció la renuncia de dos directores de la junta, el Sr. Dan Betts y el Sr. Hill, quienes eran nominados de Hummingbird Resources PLC. La compañía también reveló que la adquisición de Hummingbird por parte de Nioko Resources, que se realizó el 7 de enero de 2025, activó un derecho de terminación para APG AUS NO 5 PTY respecto al contrato de Regalías sobre los Ingresos de Fundición.
Si el Titular de Regalías ejerce su derecho de terminación dentro de los 6 meses posteriores a la recepción de la notificación, Pasofino Liberia debe pagar una tarifa de terminación de 15 millones de dólares estadounidenses dentro de los 9 meses. Hummingbird y ARX Resources son solidariamente responsables de este pago. Pasofino espera que Nioko o Hummingbird paguen la tarifa, ya que sus acciones activaron el derecho de terminación, aunque no hay garantía de pago.
파소피노 골드 (TSXV: VEIN) (OTCQB: EFRGF)는 험밍버드 리소스 PLC의 지명자인 Dan Betts 씨와 Hill 씨가 이사회에서 사임했다고 발표했습니다. 회사는 또한 Nioko Resources가 2025년 1월 7일 험밍버드를 인수함에 따라 APG AUS NO 5 PTY의 순제련수익 로열티 계약에 대한 해지 권리가 발생했다고 밝혔습니다.
로열티 보유자가 통지를 받은 후 6개월 이내에 해지 권리를 행사하면, 파소피노 리베리아는 9개월 이내에 1,500만 달러의 해지 수수료를 지불해야 합니다. 험밍버드와 ARX 리소스는 이 지불에 대해 공동으로 책임이 있습니다. 파소피노는 Nioko 또는 험밍버드가 해지 권리를 촉발한 행동으로 인해 수수료를 지불할 것으로 기대하고 있지만, 지불 보장은 없습니다.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) a annoncé la démission de deux membres du conseil d'administration, M. Dan Betts et M. Hill, qui étaient des candidats de Hummingbird Resources PLC. L'entreprise a également révélé que l'acquisition de Hummingbird par Nioko Resources, qui a eu lieu le 7 janvier 2025, a déclenché un droit de résiliation pour APG AUS NO 5 PTY concernant l'acte de redevance sur les bénéfices de fusion.
Si le titulaire de la redevance exerce son droit de résiliation dans les 6 mois suivant la réception de l'avis, Pasofino Liberia doit payer des frais de résiliation de 15 millions de dollars américains dans les 9 mois. Hummingbird et ARX Resources sont solidairement responsables de ce paiement. Pasofino s'attend à ce que Nioko ou Hummingbird paient les frais, car leurs actions ont déclenché le droit de résiliation, bien qu'il n'y ait aucune garantie de paiement.
Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) gab die Rücktritt von zwei Vorstandsmitgliedern, Herrn Dan Betts und Herrn Hill, bekannt, die von Hummingbird Resources PLC nominiert wurden. Das Unternehmen gab außerdem bekannt, dass die Übernahme von Hummingbird durch Nioko Resources am 7. Januar 2025 ein Kündigungsrecht für APG AUS NO 5 PTY in Bezug auf die Nettoschmelzrenditen-Royalty-Vereinbarung ausgelöst hat.
Wenn der Royalty-Inhaber sein Kündigungsrecht innerhalb von 6 Monaten nach Erhalt der Mitteilung ausübt, muss Pasofino Liberia innerhalb von 9 Monaten eine Kündigungsgebühr von 15 Millionen US-Dollar zahlen. Hummingbird und ARX Resources haften gemeinsam für diese Zahlung. Pasofino erwartet, dass Nioko oder Hummingbird die Gebühr zahlen, da ihre Handlungen das Kündigungsrecht ausgelöst haben, jedoch gibt es keine Garantie für die Zahlung.
- Board restructuring through resignation of Hummingbird nominees indicates potential independence from previous controlling interests
- Potential US$15M termination fee liability
- Uncertainty over who will pay the termination fee
- Risk of royalty agreement termination within 6 months
Toronto, Ontario--(Newsfile Corp. - March 7, 2025) - Further to the press release issued by Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) ("Pasofino" or the "Company") on March 3, 2025, Pasofino advises that, effective today, Mr. Dan Betts and Mr. Tom Hill (two of the nominees of Hummingbird Resources PLC ("Hummingbird") on the board of directors of Pasofino (the "Board")) have resigned from the Board of Pasofino. The Board wishes to thank each of Mr. Betts and Mr. Hill for their service to Pasofino.
In addition, Pasofino Gold Limited hereby alerts the market that the acquisition by Nioko Resources Corporation ("Nioko") of control of Hummingbird (the "Acquisition") pursuant to the exercise of a subscription option that was completed on January 7, 2025 triggered the right of APG AUS NO 5 PTY LTD (the "Royalty Holder") to terminate (the "Termination Right") the Amended and Restated Net Smelter Returns Royalty Deed between the Royalty Holder (as the holder of the royalty and the royalty payee), Hummingbird (as guarantor), ARX Resources Limited ("ARX"), a subsidiary of Pasofino (as guarantor) and Hummingbird Resources Liberia ("Pasofino Liberia"), a subsidiary of ARX and an indirect subsidiary of Pasofino (as royalty payor) (the "NSR Royalty").
The Acquisition triggered the Termination Right of the Royalty Holder and triggered an obligation on the part of Hummingbird to provide notice (in accordance with the terms of the NSR Royalty) to the Royalty Holder of the Acquisition (the "Notice").
In accordance with the terms of the NSR Royalty, Hummingbird is required to provide notice (the "Notice") to the Royalty Holder of the Acquisition. The Royalty Holder has a period of six (6) months from receiving the Notice to elect to terminate the NSR Royalty. If the Royalty Holder terminates the Royalty, Pasofino Liberia is required to pay the Royalty Holder US
None of Pasofino, ARX or Pasofino Liberia has received a copy of the Notice. Pasofino has requested that Nioko confirm that the Notice was provided to the Royalty Holder and to provide all correspondence with the Royalty Holder in connection with the Notice. It is Pasofino's expectation that Nioko or Hummingbird will pay the Termination Fee to the Royalty Holder as it was their unilateral action that triggered the Termination Right, however there can be no assurance that Hummingbird or Nioko will pay such amount.
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/243669
FAQ
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