Hummingbird Resources PLC settled a claim of over US$10 million against Taurus Funds Management Pty. Ltd. for US$2.5 million.
The company said Sept. 24 that half the settlement is payable Oct. 3 and the remaining half is payable March 31, 2020.
Taurus filed the claim in January 2018 after Hummingbird terminated a mandate with the loan provider in April 2017 to arrange a project finance facility. Hummingbird planned to use the funds to advance the Yanfolila gold project in Mali.
Hummingbird terminated the mandate due to a lack of confidence in the necessary funding being made available on a timely basis or on acceptable terms.
The company noted that it repaid the then-outstanding bridge loan, remaining interest and associated due diligence costs, but Taurus filed the claim for the loss of the potential facility fee and royalty.
