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Debt-ridden Hummingbird Resources announced on Monday that an agreement has been struck for Nioko Resources, a wholly owned subsidiary of creditor CIG, to acquire the company in an all-cash deal worth approximately £13.8 million .
Nioko’s offer — which has the unanimous recommendation of Hummingbird’s board — matches the subscription price under the proposed debt-to-equity conversion agreement signed with CIG in November 2024. These challenges, the UK-based miner says, have placed “significant strain” on its balance sheet and ability to meet near-term debt repayment obligations to creditors like CIG and Coris Bank. The debt-to-equity conversion agreement with CIG was aimed at alleviating the company’s financial problems.
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