Anglo Pacific announces signing a US$15 million royalty financing agreement for the Dugbe 1 Gold Project

Global natural resources company, Anglo Pacific Group PLC (“Anglo Pacific”), announced that it had signed a US$15 million royalty financing agreement to support further exploration and development of the Dugbe 1 Gold Project (the “Project”) operated by Hummingbird Resources Plc (“Hummingbird”) in South East Liberia. Anglo Pacific will provide the cash payment in exchange for a 2% net smelter return royalty payable from ore produced from the Project. The acquisition consideration will be paid in three equal tranches of US$5 million payable upon the satisfaction of certain conditions precedent. Fasken Martineau advised Anglo Pacific on this transaction with a team comprising Al Gourley (mining), assisted by Stuart Hills (banking & finance), Fiona Coady (banking & finance) and Vanessa McMinn (corporate).