Pasofino Gold Announces Non-Brokered Private Placement for Gross Proceeds of Approximately C$12.0 Million

Core Viewpoint - Pasofino Gold Limited has announced a non-brokered private placement aiming to raise approximately C$12.0 million to support the development of the Dugbe Gold Project and for general working capital purposes [1][3]. Group 1: Offering Details - The private placement will consist of units priced at C$0.50 each, with each unit comprising one common share and one warrant, allowing the purchase of an additional share at C$0.75 for 24 months [2]. - The offering is expected to close in multiple tranches, with the first tranche anticipated around October 15, 2025 [5]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated towards updating the feasibility study for the Dugbe Gold Project, repaying amounts owed to the Government of Liberia, and general working capital [3]. Group 3: Related Party Transaction - Mansa Resources Limited, an affiliate of Hummingbird Resources Limited, will subscribe for approximately 50.9% of the offering, which is classified as a related party transaction [4]. Group 4: Project Overview - The Dugbe Gold Project spans 1,410 km² in southern Liberia and contains two identified deposits, Dugbe F and Tuzon, with a combined mineral resource estimate of 3.3 million ounces at an average grade of 1.37 g/t Au [10][11]. - The project has a mineral development agreement with the Government of Liberia, stipulating a 3% royalty on gold production and a 25% income tax rate [14]. Group 5: Future Plans - The company is focused on updating the feasibility study to facilitate project financing for construction to commence in 2026 [15].