TIDMWSBN
RNS Number : 7374D
Wishbone Gold PLC
28 June 2019
28 June 2019
Wishbone Gold Plc
("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ NEX: WSBN
Wishbone Gold plc, the precious metals and gold trading company
announces its final results for the year end 31 December 2018. A
summary is set out below and the full Report and Accounts is
attached.
Overview
-- In 2018, the Group's revenue increased by over 30% from US$8.2m in 2017 to US$10.9m.
-- Continuing challenges in Honduras have led to negotiations
with the partners there to withdraw from the JV, compensate
Wishbone for losses and buy out the remaining investment.
-- The Company commenced operations in Hong Kong in May 2019 and
expect to see shipments from there commencing in July.
-- The Company continues to hold exploration permits in
Australia. A valuation has given ranges from high end of
AUD1,862,500 to a low AUD575,000 which is still comfortably above
the carrying value.
Financial overview
-- On 17 October 2018, the Company raised GBP566,764 through the
Company's broker, Turner Pope Investments, at 0.1 pence per share.
Each share had warrants attached for two further shares which can
be subscribed at the placing price within two years of the issue
date. At the same time, the Company terminated the financing
agreements arranged on August 2017 through RiverFort Global Capital
Ltd.
-- Under the equity sharing facility entered into by the Company
with D-Beta, the Company received a total of GBP32,245. In order to
close off the equity sharing facility the Company paid GBP119,683
to D-Beta and the Company's broker organised the placing of the
balance of shares still held by them amounting to GBP88,235. The
loan portion of the agreement, provided by YA II PN, of $400,000
was repaid by the Company in the amount of GBP276,094.
-- On 18 October 2018, fees and expenses owed to the directors
of GBP233,431 were converted to equity at a price of 0.11 pence per
share.
-- On 21 December 2018, the Company raised a total of GBP300,000
at a price of 0.1 pence per share and on 31 December 2018,
converted GBP258,500 of the Sanderson loan facility at a price of
0.1247 pence per share. Because the shares in these last two
transactions were not issued and admitted until the following year,
the effect of these transactions is not reflected in the year end
balance sheet.
-- At the end of the period under review, the accounts show that
Wishbone held cash balances totalling US$24,428 (2017: US$256,857)
but this does not take account of the placings and loan repayments
set out in the previous paragraph as these did not complete until
early January. As a result, liabilities should be seen as reduced
by the GBP258,000 loan repayment and there should be an addition of
GBP272,970 cash. Administrative costs, excluding interest during
the year, were US$1,064,988 (2017: US$884,602) due to higher levels
of activity.
Change of broker and NOMAD
-- On 17 October 2018, the Company appointed Turner Pope
Investments as joint broker and they completed the placings and
restructuring of the RiverFort facilities at the end of last
year.
-- On 7 February 2019, the Company appointed Beaumont Cornish as its NOMAD and NEX Advisor.
Richard Poulden, Chairman and CEO of Wishbone Gold comments
During the year, gold drifted to a low of US$1,173 in mid-August
before rebounding to its current level of around US$1,410.
Throughout the year, the continued build of gold holdings by China,
Russia and India continued. I believe the ongoing acquisition of
gold will continue in these countries and with continued political
uncertainty should extend the recent price recovery.
For further information:
Wishbone Gold Plc
Richard Poulden, Chairman Tel: +44 207 812 0645
Beaumont Cornish Limited
(Nominated Adviser and NEX Exchange Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams Tel: +44 20 7628 3396
Turner Pope Investments (TPI) Limited
(Broker)
Andy Thacker Tel: +44 20 3621 4120
Damson Communications
(Public Relations)
Abigail Stuart-Menteth Tel: +44 20 7812 0645
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7374D_1-2019-6-27.pdf
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END
FR UBRKRKSANUAR
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