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(Sharecast News) - Wishbone Gold announced on Friday that it has successfully raised £0.3m in funding from a corporate investor, selling 25 million new shares for 1.2p each.
The AIM-traded firm said the funds would primarily be allocated to launching exploration activities at the recently-acquired Mosquito Creek property in the Pilbara.
It said the placing, although modest in size, would bolster its working capital and position it for focussed efforts in the Pilbara region.
"When raising fresh equity the board is mindful of dilution especially when share prices are depressed but has decided to do this micro-placing to secure the exploration funds needed for the recently acquired and very exciting Mosquito Creek gold and lithium project in Western Australia," said chairman Richard Poulden.
"The summer season, which is both hot and wet, is coming to an end in the Pilbara and we are preparing to mobilise our exploration teams back out into the field as the weather starts to cool down.
"We see Mosquito Creek providing real value to Wishbone Gold shareholders in 2024."
At 1453 GMT, shares in Wishbone Gold were up 10.22% at 1.24p.
Reporting by Josh White for Sharecast.com.
