Pasofino Gold Limited (OTC:EFRGF) Releases Project Update: Stock Falls

December 13, 2023December 13, 2023 Madison Hall

In light of the developments with regards to Pasofino Gold Limited (OTC:EFRGF) on Tuesday, it is likely that the company’s stock is going to come into focus among investors today.

The company, in conjunction with Hummingbird Resources PLC, made a joint announcement yesterday with regards to the completion of the consolidation of the Dugbe Project. Following the consolidation transaction, Pasofino Gold Limited gained 100% ownership of the Dugbe Gold Project, and Hummingbird PLC became a controlling shareholder of Pasofino.

The consolidation came about after Pasofino decided to exercise its rights under an option agreement. Due to the exercise of the option, Hummingbird had to sell its 51% interest in the issued and outstanding shares of Hummingbird Resources (Liberia) Inc. to ARX Resources Limited, a fully owned subsidiary unit of Pasofino. In exchange for the consolidation, Pasofino issued 54027783 common shares of its capital to Hummingbird PLC.

As a result of that, Hummingbird PLC’s holding in Pasofino came to 51%, and hence, it became a ‘control person’. In order to complete the consolidation process, Hummingbird PLC, ARX, and Pasofino entered into a share exchange agreement as well as an investor rights agreement, both of which became effective on December 8, 2023. The agreements are collectively called consolidation agreements.

Following the signing of the consolidation agreements, Hummingbird PLC appointed Dan Betts and Thomas Hill to the board of directors at Pasofino Gold Limited. Pasofino appointed Stephen Dattels to its board. The director had started serving on the company’s board effective December 11, 2023, and would continue to do so up until they sought re-election at the subsequent annual meeting of the Pasofino Gold Limited shareholders. It was further revealed that the new board at Pasofino Gold Limited would work on the evaluation of a new drilling program for extending Tuzon mineralization and also look for more exploration targets.

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.