Hummingbird Resources PLC (LON:HUM), the West African gold company, got the green light for its fund-raising, which will entail issuing shares at 22p.
Shareholders at Monday’s general meeting waved through plans for a placing and subscription to raise funds for construction at the Yanfolila gold project in Mali.
The company also revealed it has exercised the over-allotment option in respect of 16.8mln shares and has raised £49.5mln in total.
"Today is a significant day for Hummingbird,” said Dan Betts, managing director of Hummingbird.
“We can now build Yanfolila into one of the highest margin gold projects in Africa with first gold pour targeted for 2017 generating over US$70 million of free cash-flow in the first full year of steady rate production," he added.