Wishbone Gold PLC Loan Facility to Supplier (2152R)
December 07 2016 - 6:33AM
UK Regulatory
TIDMWSBN
RNS Number : 2152R
Wishbone Gold PLC
07 December 2016
7 December 2016
Wishbone Gold Plc
("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural
Resources
Loan Facility to Supplier
Wishbone Gold is pleased to announce that it has provided a loan
facility of US$100,000 to Narh Global Services Ltd ("NGSL"), one of
its gold suppliers in Ghana. The purpose of the loan is to assist
in the purchase of new washing facilities to increase the
production of NGSL's alluvial properties.
The loan does not bear interest but the discount on shipments
from NGSL is increased from 3% to 6% for future shipments from the
alluvial production. The loan will be repaid out of increased
shipments of gold.
Chairman and CEO of Wishbone, Richard Poulden, commented:
"This is a vote of confidence in one of our trusted suppliers.
To put this transaction in context, Bank of Ghana interest rates
are currently around 25% pa. In addition the Company is lending to
company with no proven resource, relying on our own in country due
diligence and NGSL's track record as a supplier. We anticipate that
we make similar investments in future".
- ends -
www.wishbonegold.com
Enquiries:
For further information, please contact:
Wishbone Gold Plc
Richard Poulden, Chairman Tel: +44 207 812
and CEO 0645
Allenby Capital
Nick Naylor / Nick Harriss Tel: +44 20 3328
/ James Thomas 5656
Beaufort Securities
Elliot Hance Tel: +44 20 7382
8300
Damson Communications
Amelia Hubert Tel: +44 207 812
0645
This information is provided by RNS
The company news service from the London Stock Exchange
END
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