Hummingbird Resources PLC on Wednesday said it has raised £270,000 through an open offer.

Hummingbird Resources is a West Africa-focused and Birmingham, England-based gold producer, developer and explorer.

Hummingbird said it has closed its open offer of 2.4 million shares priced at 11.26 pence per share, raising £270,000 in total.

Its shares were up 2.7% to 10.48 pence each in London on Wednesday afternoon.

In total, the company said it has raised £22.2 million through its subscription and open offer.

In December, Hummingbird said it intends for proceeds to strengthen its balance sheet and progress multiple initiatives under its growth strategy, for example increasing exploration activities at the Yanfolila mine in Mali and the Kouroussa mine in Guinea.

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