Pasofino arranges $12-million private placement

Executive Summary

• Pasofino Gold Ltd. announced a non‑brokered private placement of units at C$0.50 per unit, targeting gross proceeds of approximately C$12 million.
• Each unit includes one common share and one warrant to purchase an additional share at C$0.75 for 24 months.
• Net proceeds will fund the Dugbe Gold Project feasibility‑study update, repay government obligations in Liberia, and provide general working capital.

Key Details

• Offering Structure: Units priced at C$0.50 each; each unit = 1 common share + 1 common share purchase warrant (exercise price C$0.75, 24‑month term).
• Gross Proceeds Target: Approximately C$12 million.
• Use of Proceeds:
• Update feasibility study for the Dugbe gold project.
• Repay outstanding amounts owed to the Government of Liberia under the mineral development agreement (initial payment of US$209,000 already made; balance to be cleared by 30 Apr 2026).
• General working capital.
• Related‑Party Subscription: Mansa Resources Ltd., affiliate of controlling shareholder Hummingbird Resources Ltd., will subscribe for the portion representing its 50.9 % pro‑rata ownership, qualifying as a related‑party transaction under MI 61‑101.
• Closing Timeline: Offering to close in multiple tranches; first tranche expected around 15 Oct 2025.
• Commission & Finder’s Warrants: Company may pay cash commissions and issue finder’s warrants to arm’s‑length parties for services rendered.
• Project Background (Dugbe Gold Project):
• Located in southern Liberia, 1,410 km² within the Birimian supergroup.
• Two identified deposits (Dugbe F & Tuzon) with combined measured & indicated resources of 3.3 M oz Au at 1.37 g/t and inferred resources of 0.6 M oz.
• Open‑pit mining plan projected 14‑year life of mine; mineral reserve estimate declared after June 2022 definitive feasibility study.
• Mineral Development Agreement (MDA) Highlights: 25‑year agreement with Liberia; royalty 3 %, income tax 25 % (with exploration credit), fuel duty reduced 50 %; government retains a 10 % free carried interest.

Notable Quotes

(No direct quotes were provided in the release.)