The gold explorer said the payment takes its cash balance to US$10mln and fully funds it up to and beyond the completion of the Detailed Feasibility Study for its flagship Dugbe 1 project in Liberia, which is expected in the third quarter of this year.
Daniel Betts, Hummingbird’s chief executive, said: "Taken alongside the major resource update announced yesterday, this final payment represents another significant step in the de-risking of the Dugbe 1 Project, ensuring that the company is well funded and able to deliver beyond the DFS and continue our exploration success."
Dugbe 1 comprises the Dugbe F and nearby Tuzon deposits. Hummingbird shares soared yesterday as it unveiled a major upgrade to the resource at Tuzon.
On a US$1,200/oz gold price, the indicated resource rose by 281% to 1.88mln oz, while the overall total rose by 45% to 2.12mln oz. Hummingbird said 80% of Tuzon's resource is now classified in the indicated category.