Hummingbird Resources has agreed to settle a claim from Taurus Funds Management Pty Ltd for $2.5m. The value of the claim was in excess of $10m. Hummingbird entered into, and terminated the Mandate with Taurus, in accordance with the termination clause, due to a lack of confidence in the necessary funding being made available by Taurus on a timely basis or on terms acceptable to Hummingbird. The board of Hummingbird maintained that whilst no breach of the Mandate with Taurus had occurred, they assessed settlement on a number of criteria to limit shareholder risk. The board deemed it prudent to reach a settlement if possible. The Company expects to release its Q3 2019 operational update before the end of October 2019. At 9:47am: (LON:HUM) Hummingbird Resources share price was 0p at 24.5p
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