Last checked at 5 Aug 2013 07:00
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources
5 August 2013
Wishbone Gold Plc ('Wishbone Gold' or 'the Company')
Interim Results
Wishbone Gold Plc, an exploration and acquisition company focussed on precious metals, is pleased to announce its results for the six month period ended 30 June 2013.
Highlights:
·; Progress made towards delivering on strategy to acquire and advance portfolio of highly prospective gold projects
·; Two additional exploration tenements, Wishbone III and Wishbone IV, covering an area of 23,600 hectares adjacent to existing Wishbone II licence applied for and Wishbone IV has been granted
·; Current portfolio of four licences cover 34,700 hectares in north east Queensland, a proven gold bearing region
·; Two high grade prospects identified at Wishbone II located on known gold bearing trends following sampling programmes
·; Completion of further exploration programme at White Mountain licence - results due to be released shortly
·; Beaufort Securities Limited appointed as joint broker to increase exposure in the investment community together with Shore Capital Stockbrokers Limited
Executive Chairman's Statement
The six months under review neatly encapsulate the strategy and processes we have put in place at Wishbone Gold to acquire and prove up a portfolio of licences located in known areas of gold mineralisation and, in the process, seek to generate substantial value for shareholders. During this period, we applied for two additional exploration permits, Wishbone III and Wishbone IV, doubling the number of projects within our highly prospective portfolio and trebling the area that we hold to 34,700 hectares in north east Queensland, a region known for significant precious metal mineralisation. At the same time we completed the second phase of an on-going exploration programme designed to identify and define the prospectivity of our original licences, Wishbone II and White Mountain. The results received so far have been highly encouraging.
Wishbone Gold is not a wildcat explorer. From the outset we look to acquire licences that are located in proven areas of gold or precious metals mineralisation where firstly, considerable historic data exists, and secondly, is readily available. From this position we seek to apply modern exploration evaluation techniques to the existing information and secondly, to enhance existing information with primary research in order to establish more accurate valuations and a viable exploration strategy. By focusing on producing or previously producing areas the board believes it can de-risk the exploration phase considerably. Located adjacent to our Wishbone II licence in north-east Queensland, an established gold region, the two newly acquired Wishbone III and Wishbone IV licences, match our criteria well.
An active de-risking process is applied to all licences before they are applied for, let alone secured. In line with this, all historical data associated with Wishbone III and IV was subjected to a comprehensive review and analysis which enabled a geological model to be constructed prior to the commencement of any exploration activity on the ground. In the case of Wishbone IV, now the largest of our existing licences covering an area of 20,000 hectares contiguous to Wishbone II to the east and to the north, the licence area includes the east-west trending Alex Hill Shear Zone and associated areas containing NE and NW trending faulted structures, and related splay faults. The area is located along the same major trend held by Resolute Mining Ltd ('Resolute Mining'), approximately 15km to the west of Wishbone II, where substantial gold mineralisation at depth has been discovered at the Welcome Deposit.
Not only does the extensive work we carry out prior to securing licences ensure that we acquire high quality projects, it also provides key information that we put to good use when embarking on an exploration programme, allowing us to hit the ground running. With this in mind, the Company commissioned Terra Search Pty Ltd to undertake surface exploration activities on both the Wishbone II and White Mountain tenements which combined cover a total area of 11,100 hectares.
Results for Wishbone II were recently announced post period end while those for White Mountain are due shortly. With regards to Wishbone II, during the period Terra Search carried out a ground exploration programme on the licence which included magnetic surveying over major features and large scale deep-seated structures. Geological prospecting and surface geochemical sampling (soil, stream sediment and rock chips) were also carried out over selected accessible target areas.
To date, the results of this work have identified two prospects at Wishbone II, Hanging Valley and Oaky Mill. Validating our investment criteria, both prospects are associated with known gold-bearing structures: Hanging Valley is located on the NE Structure that trends toward the Blue Doe historical gold mining area; while Oaky Mill's structure is located along a trend that runs northwest from the producing Mt. Wright gold mine to the south. As part of the exploration programme, sampling was carried out at both prospects and in each case high gold grades were returned that are consistent with the historical data.
Having identified two prospects at Wishbone II, the next phase of exploration activity on the licence will look to further define Oaky Mill, Hanging Valley and the NE Structure for the purpose of establishing potential drilling targets. This is likely to involve additional geological traversing, prospecting and surface geochemical sampling to augment and infill the coverage in the area. The regional nature of both the Alex Hill Shear Zone and the Hanging Valley structure suggest that gold mineralisation, if present, could be significant. The read across for our newly acquired Wishbone III and Wishbone IV tenements is clear and with this in mind, we look forward to embarking on an exploration programme at each of our newly acquired licences.
Financial Overview
·; The Company incurred losses of US$295,505 (30 June 2012 US$73,406, 31 December 2012 US$ 284,162) in pursuing the exploration of the tenements it owns in Queensland
·; The Company incurred losses per share of US$0.17 cents (30 June 2012: US$0.07 cents, 31 December 2012: US$0.2 cents)
·; Two additional exploration permits adjoining Wishbone II, Wishbone III and Wishbone IV, covering an area of 23,600 hectares, were applied for and Wishbone IV has already been granted. The expenditure commitments arising from these additional tenements for the next 5 years from their grant date anniversaries are expected to be approximately US$178,423 for each tenement. These obligations are subject to periodic renegotiations
·; These activities have depleted the net assets to US$191,349 (30 June 2012 US$ (8,713), 31 December 2012 US$550,152) as the Group spends the funds it raised on exploring the assets which have been acquired
·; The cash balances of the group are US$292,842 (30 June 2012 US$366,504, 31 December 2012 US$589,116)
Post balance sheet events:
·; 11,841,307 new ordinary shares were issued on 2 July 2013 to the Directors of the Company to convert liabilities of £207,223 due to the Directors for fees and expenses.
·; The net assets of the group increased by US$315,446 on 2 July 2013 as a result of the liabilities to the Directors being extinguished.
Outlook
Our existing portfolio now includes four licences which are highly prospective for gold and other precious metals. We do not intend to stop here. Our aim is for Wishbone Gold to be a global consolidator of quality gold assets around the world. In our view the current gold price is largely being driven by technical factors and does not reflect favourable long term supply and demand fundamentals that we believe will see the gold price resume its uptrend and, fuelled by currency depreciation and runaway inflation concerns, set new highs. For an acquirer of gold assets such as Wishbone Gold, today's gold price represents an attractive entry point as we look to add to our asset base further.
As demonstrated by the considerable progress made at our two original licences, once secured we move quickly to explore and prove up a project area's prospectivity. We have now conducted two phases of exploration activity on Wishbone II and White Mountain and two high grade prospects have been identified at Wishbone II. Future exploration at Wishbone II will be geared towards further defining these prospects to drill ready status. The next six months promise to be an exciting period for the Company and I look forward to providing updates on our progress in due course.
Richard Poulden
Chairman
2 August 2013
Consolidated Income Statement
for the six months ended 30 June 2013
Unaudited Six months ended | Unaudited Six months ended | Audited Year ended | ||||
30 June | 30 June | 31 December | ||||
2013 | 2012 | 2012 | ||||
Notes | US$ | US$ | US$ | |||
Continuing operations: | ||||||
Revenue | - | - | - | |||
Pre-exploration costs expensed | (917) | (16,215) | (2,435) | |||
Administrative costs | (294,588) | (57,191) | (281,727) | |||
Operating loss | (295,505) | (73,406) | (284,162) | |||
Finance costs | - | - | - | |||
Loss before taxation | (295,505) | (73,406) | (284,162) | |||
Income tax expense | - | - | - | |||
Loss for the period attributable to | ||||||
equity holders of the parent | (295,505) | (73,406) | (284,162) | |||
(295,505) | (73,406) | (284,162) | ||||
Loss per share: | ||||||
Basic and diluted loss (cents) | 2 | 0.17 | 0.07 | 0.20 | ||
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2013
Unaudited Six months ended | Unaudited Six months ended | Audited Year ended | |||||
30 June | 30 June | 31 December | |||||
2013 | 2012 | 2012 | |||||
US$ | US$ | US$ | |||||
Loss for the period | (295,505) | (73,406) | (284,162) | ||||
Other comprehensive (loss)/income
| |||||||
Exchange differences on translating foreign operations |
(63,299) |
3,014 |
(36,010) | ||||
Other comprehensive (loss )/income for the period, net of tax |
(63,299) |
3,014 |
(36,010) | ||||
Total comprehensive (loss)for the period |
(358,804) |
(70,392) |
(320,172) | ||||
Total comprehensive | |||||||
(loss) for the period attributable to | (358,804) | (70,392) | (320,172) | ||||
equity holders of the parent | |||||||
(358,804) | (70,392) | (320,172) | |||||
Consolidated Statement of Financial Position
at 30 June 2013
Unaudited | Unaudited | Audited | |||||
30 June | 30 June | 31 December | |||||
2013 | 2012 | 2012 | |||||
ASSETS | Notes | US$ | US$ | US$ | |||
Non-current assets | |||||||
Intangible assets | 3 | 316,463 | 173,259 | 187,080 | |||
Total non-current assets | 316,463 | 173,259 | 187,080 | ||||
Current assets | |||||||
Other receivables | 29,526 | 869,839 | 25,656 | ||||
Cash and cash equivalents | 292,842 | 366,504 | 589,116 | ||||
Total current assets | 322,368 | 1,236,343 | 614,772 | ||||
TOTAL ASSETS | 638,831 | 1,409,602 | 801,852 | ||||
EQUITY AND LIABILITIES | |||||||
Capital and reserves | |||||||
Share capital Share premium Share based payment reserve | 4 | 267,888 686,537 29,449 | 175,229 - - | 267,888 686,537 29,449 | |||
Retained loss | (696,349) | (190,088) | (400,844) | ||||
Foreign exchange reserve | (96,176) | 6,146 | 32,878 | ||||
Equity attributable to shareholders of the Company | 191,349 | (8,713) | 550,152 | ||||
Total equity | 191,349 | (8,713) | 550,152 | ||||
Current liabilities |
|
|
| ||||
Borrowings Trade and other payables | 58,717 388,765 | 620,390 797,925 | 58,717 192,983 | ||||
TOTAL LIABILITIES | 447,482 | 1,418,315 | 251,700 | ||||
TOTAL EQUITY AND LIABILITIES | 638,831
| 1,409,602 | 801,852 | ||||
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2013
|
Share capital |
Share premium |
|
Retained loss |
Foreign exchange reserve |
Total equity | ||
US$ | US$ | US$ | US$ | US$ | US$ | |||
At 1 January 2013 | 267,888 | 686,537 | 29,449 | (400,844) | (32,878) | 550,152 | ||
Loss for the period | - | - | - | (295,505) | - | (295,505) | ||
Foreign exchange differences on translation | - - ________ | - - ________ | - - ______ | - - ______ | (63,298) - ________ | (63,298) - _______ | ||
Total comprehensive (loss) for the period |
- |
- |
- |
(295,505) |
(63,298) |
(358,803) | ||
|
________ |
_______ |
_______ |
_______ |
_______ |
________
| ||
At 30 June 2013 | 267,888 ________ | 686,537 _______ | 29,449 _______ | (696,349) _______ | (96,176) _______ | 191,349 ________ | ||
|
Share capital |
Share premium |
Share based Payment reserve |
Retained loss |
Foreign exchange reserve |
Total equity | ||
US$ | US$ | US$ | US$ | US$ | US$ | |||
Balance at 1 January 2012 | 175,229 | - | - | (116,682) | 3,132 | 61,679 | ||
Loss for the period | - | - | - | (73,406) | - | (73,406) | ||
Foreign exchange differences on translation |
- _______ |
__________ |
___________ |
- _________ |
3,014 ___________ |
3,014 ________ | ||
Total comprehensive (loss) for the period |
- |
- |
- |
(73,406) |
3,014 |
(70,392) | ||
|
_______ |
__________ |
___________ |
_________ |
___________ |
________ | ||
At 30 June 2012
| 175,229 _______ | - __________ | - ___________ | (190,088) __________ | 6,146 ___________ | (8,713) ________ |
Consolidated Statement of Changes in Equity (Continued)
for the six months ended 30 June 2013
Share capital |
Share premium |
Share based Payment reserve |
Retained loss |
Foreign exchange reserve |
Total Equity | |
As at 1 January 2012
Issue of shares Share issue costs Issue of warrants
Loss for the year Foreign exchange differences on translation
Total comprehensive (loss) for the year
| US$
175,229
92,659 - - 92,659
- - _________ - | US$
-
1,513,817 (827,280) - 686,537
- - _________ - | US$
-
- - 29,449 29,449
- - _________ - | US$
(116,682)
- - - -
(284,162) - _________ (284,162) | US$
3,132
- - - -
- (36,010) _______ (36,010) | US$
61,679
1,606,476 (827,280) 29,449 808,645
(284,162) (36,010) _______ (320,172) |
_________ | __________ | _________ | ----------__________ | ________ | _______ | |
At 31 December 2012 | 267,888 | 686,537 | 29,449 | (400,844) | (32,878) | 550,152 |
_________ | ___________ | _________ | __________ | ________ | _______ |
Foreign exchange reserve records exchanges differences, which arise on translation of foreign operations with a functional currency other than US Dollars; principally Pounds Sterling and Australian Dollars.
Consolidated Statement of Cash Flows
for the six months ended 30 June 2013
Unaudited Six months ended | Unaudited Six months ended | Audited Year ended | ||||||
30 June | 30 June | 31 December | ||||||
2013 | 2012 | 2012 | ||||||
Notes | US$ | US$ | US$ | |||||
Cash outflow from operating activities | 5 | (108,845) | (171,570) | (183,753) | ||||
Cash flow from investing activities | ||||||||
Expenditure on exploration activities | (156,516) | (58,324) | (71,477) | |||||
Net cash (used in) investing activities |
(156,516) |
(58,324) |
(71,477) | |||||
Cash flow from financing activities | ||||||||
Net proceeds from issue of shares Increase in borrowings |
- - |
- 584,390
|
808,645 22,717 | |||||
Net cash generated from financing activities | - | 584,390 | 831,362 | |||||
Net (decrease)/increase in cash and cash equivalents | (265,361) | 354,496 | 576,132 | |||||
Effects of foreign exchange
Cash and cash equivalents at beginning of the period
|
(30,913)
589,116
|
12,008
|
976
12,008 | |||||
Cash and cash equivalents at end of the period |
292,842 |
366,504 |
589,116 | |||||
Notes to Unaudited Interim Financial Information
for the period ended 30 June 2013
1 Basis of preparation
The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and there is an on going process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable to the Group as at 31 December 2012.
The accounting policies applied are consistent with those of the consolidated financial information for the Group for the year ended 31 December 2012.
The operations of Wishbone Gold Plc are not affected by seasonal variations.
The directors do not recommend the payment of a dividend (30 June 2012: Nil).
Non-statutory accounts
The financial information for the six months ended 30 June 2013 set out in this interim report does not comprise the Group's statutory accounts.
Audited consolidated financial information for the year ended 31 December 2012 has been extracted from the consolidated financial information on the Group for the year then ended. Full accounts for the Company have been filed in Gibraltar.
The financial information for the six months ended 30 June 2013 and 30 June 2012 is unaudited.
Segmental Analysis
Management has determined the operating segments by considering the business from both a geographic and product perspective. For management purposes, the Group is currently organised into one operating division; resource evaluation. This division is the business segment for which the Group reports its segment information internally to the Board of Directors. The Group's operations are predominantly in Australia.
2 | Loss per share | |||||||||||||
Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the average number of ordinary shares outstanding during the period.
Given the loss for the six months ended 30 June 2013 and 2012 and the year ended 31 December 2012, the warrants are not taken into account when determining the weighted average number of ordinary shares in issue during the period and therefore the basic and diluted earnings per share are the same.
| ||||||||||||||
Unaudited Six months ended | Unaudited Six months ended | Audited Year ended | ||||||||||||
30 June | 30 June | 31 December | ||||||||||||
2013 | 2012 | 2012 | ||||||||||||
Loss | US$ | US$ | US$ | |||||||||||
Loss for the purposes of basic earnings per share being net loss attributable to equity shareholders of the parent |
(295,505) |
(73,406) |
(284,162) | |||||||||||
Loss for the purpose of diluted earnings per share | (295,505) | (73,406) | (284,162) | |||||||||||
Number of shares | Number | Number | Number | |||||||||||
Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share |
170,987,327
|
111,000,000
|
138,774,954
| |||||||||||
Loss per share | ||||||||||||||
Basic and diluted loss per share (cents) | 0.17 | 0.07 | 0.20 | |||||||||||
3 | Intangible fixed assets | Exploration and evaluation assets | ||||
US$ | ||||||
Cost | ||||||
At 1 January 2012 | 114,935 | |||||
Additions | 58,324 | |||||
At 30 June 2012 | 173,259 | |||||
Additions | 13,821 | |||||
At 31 December 2012 | 187,080 | |||||
Additions | 129,383 | |||||
At 30 June 2013 | 316,463 | |||||
Net book value | ||||||
30 June 2013 | 316,463 | |||||
30 June 2012 | 173,259 | |||||
31 December 2012 | 187,080 | |||||
No production has commenced during period therefore the above costs are not subject to amortisation.
4 | Share capital | Unaudited Six months ended | Unaudited Six months ended | Audited Year ended | ||||
30 June | 30 June | 31 December | ||||||
2013 | 2012 | 2012 | ||||||
US$ | US$ | US$ | ||||||
Share capital | ||||||||
1,000,000,000 (31 December 2012: 1,000,000,000 and 30 June 2012: 1,000,000,000) ordinary shares at £0.001 each (US$0.0016) |
1,600,000 |
1,600,000 |
1,600,000 | |||||
Allotted called up and fully paid | ||||||||
170,987,327 (31 December 2012: 170,987,327 and 30 June 2012: 111,000,000) ordinary shares at £0.001 each (US$0.0016) |
267,888 |
175,229 |
267,888 | |||||
On 25 June 2012 pursuant to the Placing, the Company allotted 25,750,000 new ordinary shares of £0.001 (US$0.0016) each conditional on admission to the AIM market of the London Stock Exchange ("AIM").
On 25 June 2012 the Company established a share option scheme as an important means of retaining, attracting and motivating employees, consultants and professional advisors to the Group. The total options that may be granted will not exceed 15% of the issued share capital of the Company from time to time and the exercise price will be the then prevailing market price at the date of grant. The Directors have not granted any options as at the date of the publication of these interim accounts.
On 25 June 2012 the Company granted warrants to the Shore Capital Group in respect of 1,709,873 ordinary shares of £0.001 (US$0.0016) per share, exercisable at a price of 2p per share at any time over a five year period.
On 27 June 2012 the Company by a deed poll constituted up to US$4 million in nominal amount of interest free, unsecured convertible loan notes in the capital of the Company. Such loan notes to automatically convert into new ordinary shares in the capital of the Company at a discount of 30 per cent to the placing price on admission to AIM. The Company issued £420,252 (US$651,390) in nominal amount of convertible loan notes in June 2012, which automatically converted into 30,017,972 new ordinary shares of £0.001 (US$0.0016) at a discount of 30% to the listing price of 2 p on 16 July 2012, on admission to AIM.
On 16 July 2012, Wishbone Gold Plc issued 4,219,355 new ordinary shares of £0.001 on conversion of the Black Swan FZE convertible loan notes at 2.5p per share for a total consideration of £105,483.47 as per the terms of the convertible loan note.
On 16 July 2012, Wishbone Gold Plc issued 25,750,000 new ordinary shares of £0.001 at 2p per share for a total consideration of £515,000 on listing on the Alternative Investment Market.
On 24 June 2013, the Board of Wishbone Gold Plc approved the conversion of the outstanding fees and expenses of the Directors of the Company for the outstanding balances owed at 30th June 2013. 11, 841,307 new ordinary shares of nominal value £0.001(US$ 0.015222) were issued at the closing price of 1.75 p each on 1 July 2013. The shares were admitted to trading on 9 July 2013.
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5 | Cash outflows from operating activities | Unaudited Six months ended | Unaudited Six months ended | Unaudited Year ended |
| ||||
30 June | 30 June | 31 December |
| ||||||
2013 | 2012 | 2012 |
| ||||||
US$ | US$ | US$ |
| ||||||
| |||||||||
Loss before tax
|
(295,505) |
(73,406) |
(284,162) |
| |||||
Non-cash foreign exchange loss Impairment | - - | - | 242 - |
| |||||
| |||||||||
| |||||||||
Operating cash flow before changes in working capital | (295,505) | (73,406) | (283,920) |
| |||||
| |||||||||
Decrease/(increase) in receivables | 31,552 | (840,728) | (540,415) |
| |||||
Increase in payables |
155,108 |
742,564 |
640,582 |
| |||||
| |||||||||
| |||||||||
Net cash outflow from operating activities | (108,845) | (171,570) | (183,753) |
| |||||
| |||||||||
| |||||||||
| |||||||||
6 |
Related party transactions
Black Swan FZE, a company in which Richard Poulden, a director of the Company, has an interest, was paid US$ Nil for the six months ended 30 June 2013 (30 June 2012: US$ Nil, 31 December 2012: US$ Nil) by Wishbone Gold Pty Limited for consulting services. Fees chargeable to Wishbone Gold Plc in the six months ended 30 June 2013 were US$31,349 (30 June 2012: US$ Nil, 31 December 2012: US$18,300). Fees and expenses of US$163,913 outstanding to Black Swan FZE at 30 June 2013 were converted into 6,152,999 new ordinary shares on 2 July 2013 at the closing price of 1.75 p on 1 July 2013. A convertible loan note was issued by the Company on 1 December 2010 with a principal amount of £150,000. The loan note was convertible at the option of Black Swan Plc (the Noteholder). Richard Poulden who is the Chairman of the Company is also a director of Black Swan Plc. Under the facility, total drawings amounted to US$219,717 during the year (2011: US$36,000). On 16 July 2012 the US Dollar equivalent of £105,483 was converted into 4,219,355 new ordinary shares of £0.001p per share at a price of 2.5p per share on the listing of the Company on AIM. The outstanding balance of US$58,717 at 30 June 2013 was converted into 2,204,136 new ordinary shares on 2 July 2013 at 1.75 p the closing price on 1 July 2013. On the listing of the Company on AIM on 16 July 2012, the following new ordinary shares of £0.001p were subscribed for by the directors under the pre listing fund raise on Loan Note Agreements at a 30% discount to the share price of 2p per share:-
Jonathan Harrison 3,456,221 shares for a total consideration of US$75,000 George Cardona 6,912,442 shares for a total consideration of US$150,000
During the six months ended 30 June 2013 the Company was charged US$20,854 (30 June 2013: US$ Nil, 31 December 2012: US$20,804) by Easy Business Consulting Limited, in which Jonathan Harrison, a director of the Company, has an interest, for consultancy services. As at 30 June 30 2013, US$43,937 (30 June 2012: US$1,139, 31 December 2012: US$20,804) was due to Easy Business Consulting Limited. This amount was converted into 1,394,009 new ordinary shares on 2 July 2013 at 1.75p the closing price on 1 July 2013.
During the six month period ended 30 June 2013 the Company was charged US$9,556 (30 June 2012: US$Nil, 31 December 2012: US$9,608) by George Cardona, a director of the Company, in director's fees. As at 30 June 2013 US$19,164 (30 June 2012: US$Nil, 31 December 2012: US$9,608) was due to George Cardona. This amount was converted into 696,721 new ordinary shares on 2 July 2013 at 1.75p the closing price on 1 July 2013.
During the six months ended 30 June 2013 the Company was charged US$9,556 (30 June 2012: U$ Nil, 31 December 2012: US$9,608) by Alan Gravett, a director of the Company, in director's fees. As at the 30 June 2013 US$19,164 (30 June 2012: US$Nil, 31 December 2012: US$9,608) was due to Alan Gravett. This amount was converted into 696,721 new ordinary shares on 2 July 2013 at 1.75p the closing price on 1 July 2013.
|
|
During the year ended 31 December 2012 the Company was charged US$ 9,769 (30 June 2012: US$Nil, 31 December 2012: US$9,608) by Z/Yen Group Limited, in which Professor Michael Mainelli, a director of the Company, has an interest, for consulting services. As at 30 June 2013 US$19,164 (30 June 2012: US$Nil, 31 December 2012: US$9,608) was due to Z/Yen Group Limited. This amount was converted into 696,721 new ordinary shares on 2 July 2013 at 1.75p the closing price on 1 July 2013.
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7 |
Events after the reporting period |
|
On 24 June 2013, the Board of Wishbone Gold Plc approved the conversion of the outstanding fees and expenses of the Directors of the Company for the outstanding balances owed at 30th June 2013. New ordinary shares of nominal value £0.001(US$0.015222) were issued on 2 July 2013 at the closing price of 1.75p each on 1 July 2013. The shares were admitted to trading on 9 July 2013.
Following the issue of the New Ordinary Shares, Wishbone Gold's total issued and voting share capital will comprise of 182,828,634 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.
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8 | Distribution of the Interim Report |
Copies of this announcement may be obtained from the Company Secretary at the registered office: G1 Haven Court, 5 Library Ramp, Gibraltar. In addition, an electronic version will be available on the Company's website - www.wishbonegoldplc.com |
For further information please contact:
Richard Poulden | Wishbone Gold plc | Tel: +44 7703 412817 richard.poulden@blackswanplc.com
|
Edward Mansfield Patrick Castle | Shore Capital & Corporate Ltd Shore Capital & Corporate Ltd
| Tel: +44 (0) 20 7408 4090 Tel: +44 (0) 20 7408 4090 |
Chris Rourke | Beaufort Securities Limited | Tel: + 44 (0)20 7382 8300 |
Guy Wheatley | Beaufort Securities Limited
| Tel: + 44 (0)20 7382 8300 |
Frank Buhagiar Susie Geliher | St Brides Media & Finance Ltd St Brides Media & Finance Ltd
| Tel: +44 (0) 20 7236 1177 Tel: +44 (0) 20 7236 1177 |