Wishbone Gold PLC - Gibraltar-based, Australia-focused mining company - Raises GBP300,000 from a single, unnamed corporate investor through the issue of 25.0 million shares at a price of 1.2p. Wishbone expects the new shares to be admitted to trading on AIM and AQSE on February 8. Wishbone says that the "top-up" placing will allow the company to initiate operations at Mosquito Creek in the Pilbara region of Western Australia. In December, Wishbone exercised its exclusive option to acquire the Crescent East lithium and gold project, located within Mosquito Creek. Due diligence at the site revealed "significant gold nuggets" of up to 78.5 ounces, and historical chip results at Mosquito include 117 grammes of gold per tonne of ore.
Wishbone Chair Richard Poulden says: "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. 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."
Current stock price: 1.20 pence each, up 6.7% in London on Friday morning.
12-month change: down 69%
By Hugh Cameron, Alliance News reporter
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Wishbone (WSBN)