Pasofino Gold Limited announced a non-brokered private placement of up to 6,291,000 units at an issue price of CAD 0.50 per unit for the gross proceeds of CAD 3,145,500 on January 22, 2024. Each Unit will consist of one common share and half of one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.65 for a period of 18 months following the issue date of the Units.

The transaction will include participation from returning investors Hummingbird Resources plc for 51% stake has subscribed for 5,400,000 Units for the gross proceeds of CAD 2,700,000 and Esan Eczacibasi Endustriyel Hammaddeler Sanayi ve Ticaret Anonim Sirketi with 10% stake subscribed for 891,000 Units for the gross proceeds of CAD 445,500. Following completion of the financing, ESAN would own 10% of the issued and outstanding shares of company and HB PLC would own 53% of the issued and outstanding shares. The financing is expected to close in January 2024 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

The securities issued under the financing will be subject to a hold period in Canada expiring four months and one day from the closing date of the financing.