Hummingbird Resources agrees up to $60m facility with Coris Bank International

Hummingbird Resources' shares are up more than 3% after it agreed an up to $60m senior secured term facility with Coris Bank International Group to be drawn in instalments as required.

The new facility would be used to fund the ongoing construction of the Yanfolila Gold Mine in Mali that was on budget and scheduled for first gold pour by the end of 2017.

It had a four-year term, 9% interest rate and 12-month capital repayment deferral. An initial $25m was being drawn immediately.

In sum, the facility reduced the cost of debt and maintained flexibility for growth and development for Hummingbird.

A $25m bridge loan facility with Taurus Mining Finance Fund had been repaid and the mandate for further finance terminated.

At 11:16 GMT, shares in AIM-traded Hummingbird Resources were up 3.5% to 25.88p each.