Pasofino Gold Limited Stock Price, News & Analysis

Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) announced the termination of its shareholder rights plan agreement with Computershare Investor Services Inc. The termination occurred on May 1, 2025, as the company failed to obtain the required shareholder approval within the six-month deadline from the plan's effective date. According to TSX Venture Exchange Policy 3.1, the Rights Plan needed majority approval from voting shareholders. As a result, all outstanding rights under the plan have ceased to represent any entitlements, including the right to acquire company common shares. All certificates, statements, or instruments previously evidencing these rights are now void and unenforceable.

Pasofino Gold (EFRGF) has entered into a binding Co-operation Agreement with its 50.8% shareholder Hummingbird Resources PLC (HUM) and Nioko Resources. The agreement includes a Board reconstitution with three HUM nominees and three Board nominees, and plans to terminate the company's shareholder rights plan.

The company will seek to raise approximately US$10 million in 2025 and US$15 million in 2026 to update the Dugbe Gold Project Feasibility Study and commence pre-construction activities. HUM has agreed to participate pro-rata as the lead order in these financings.

Key terms include terminating the current strategic review process, completing a revised Feasibility Study within 12 months, and a standstill period until October 31, 2026. The Dugbe Gold Project currently showcases 2.76Moz in reserves with a 3.5-year capex payback period and 14-year mine life.

Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has provided an update regarding its shareholder rights plan. The company has submitted an undertaking to the Ontario Securities Commission (OSC) stating it will not permit any rights under the Rights Plan to become listed and exercisable before 5:00 p.m. (ET) on April 15, 2025.

A similar undertaking was provided to Hummingbird PLC, who in return agreed not to initiate any proceedings against Pasofino (including its directors, officers, or shareholders) before 5:00 p.m. (ET) on March 31, 2025. The company owns 100% of the Dugbe Gold Project through its wholly-owned subsidiary, subject to the Government of Liberia's 10% carried interest.

Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has provided an important update regarding its shareholder rights plan. The company has submitted an undertaking to the Ontario Securities Commission (OSC) stating that until March 31, 2025 at 5:00 p.m. (ET), or until the OSC revokes the undertaking, Pasofino will not activate any rights granted under the Rights Plan or allow such rights to become listed and exercisable.

The company, through its subsidiary, maintains 100% ownership of the Dugbe Gold Project, subject to the Government of Liberia's 10% carried interest.

Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) announced the resignation of two board directors, Mr. Dan Betts and Mr. Hill, who were nominees of Hummingbird Resources PLC. The company also disclosed that Nioko Resources 's acquisition of Hummingbird control on January 7, 2025, triggered a termination right for APG AUS NO 5 PTY regarding the Net Smelter Returns Royalty Deed.

If the Royalty Holder exercises their termination right within 6 months of receiving notice, Pasofino Liberia must pay a US$15 million termination fee within 9 months. Hummingbird and ARX Resources are jointly liable for this payment. Pasofino expects Nioko or Hummingbird to pay the fee since their actions triggered the termination right, though there's no guarantee of payment.

Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has provided an important update regarding its shareholder rights plan. The company has submitted an undertaking to the Ontario Securities Commission (OSC) stating it will not take any further steps to implement or facilitate the exercise of rights under the Rights Plan.

This undertaking remains in effect until either 5:00 p.m. (ET) on March 17, 2025 or until the OSC revokes it. The company, through its subsidiary, maintains 100% ownership of the Dugbe Gold Project (subject to the Government of Liberia's 10% carried interest).

Pasofino Gold (EFRGF) has announced that Nioko Resources has acquired control of Hummingbird Resources PLC through a subscription option completed on January 7, 2025. This acquisition is viewed by Pasofino's board as an indirect take-over bid of the company.

The board has determined that this acquisition triggers a flip-in event under Pasofino's shareholder rights plan, as Hummingbird owns over 50% of Pasofino's shares. As a result, shareholders (excluding Hummingbird) can exercise rights to acquire 629.92 Pasofino shares at C$0.1428 per share.

Additionally, Hummingbird has proposed replacing board members Dan Betts and Tom Hill with Geoff Eyre and Oumar Toguyeni, though formal resignation letters are pending. The company reports strong third-party interest in its Dugbe Gold Project, including potential partnerships and acquisitions, with CEO Brett Richards stating the current market valuation is significantly undervalued.

Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has announced its participation in the upcoming Prospector and Developers Association of Canada (PDAC) convention, scheduled for March 2nd - 5th, 2025, in Toronto, Ontario. CEO Brett A. Richards will be attending the four-day event, which will include meetings, networking opportunities, and presentations focused on the company's Dugbe Gold Project.

Pasofino Gold (TSXV: VEIN) (OTCQB: EFRGF) has adopted a shareholder rights plan effective November 1, 2024. The plan aims to protect shareholders during the company's strategic alternatives review process and ensure fair treatment in takeover scenarios. Under the plan, one right attaches to each common share, becoming exercisable if any party acquires 20% or more of shares without following 'Permitted Bid' provisions. In such cases, shareholders can purchase additional shares at a significant discount. The plan requires shareholder ratification within six months and will terminate if not approved.