LONDON (Alliance News) - Wishbone Gold PLC Thursday said it has entered into an exchange agreement with Global Resources Investments Ltd (GRIT), which will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust PLC.
The company said it believed the transaction with GRIT, a new company going through an admission process for listing on the main market of the London Stock Exchange, would provide it with a strategic investor.
It a said it hoped the deal would support its investment policy to identify and develop precious metal assets.
"Wishbone Gold will benefit from the share exchange as it provides the company access to capital through the sale of its shares in GRIT to fund the examination of additional early stage gold exploitation opportunities and build on the current portfolio, Executive Chairman, Richard Poulden said in a statement.
The stock was trading at 2.24 pence Thursday afternoon, up 0.11 pence or 5.3%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Wishbone (WSBN)