Wishbone Regulatory News (WSBN)

17 October 2018

Wishbone Gold Plc

("Wishbone" or the "Company")

Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources / NEX: WSBN 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").

Update on proposed fundraising and share sale and Appointment of Joint Broker

Further to the announcement made earlier today Wishbone Gold Plc (AIM: WSBN) announces that it has today raised a total of approximately £550,000 (before expenses) through the issue of 550,249,726 new ordinary shares of 0.1 pence each (the "Placing Shares") at a placing price of 0.10 pence (the "Placing Price") per Placing Share (the "Placing"). The Placing is conditional, inter alia, on admission of the Placing Shares to trading on AIM ("Admission"). In addition, 88,235,714 existing ordinary shares held by D-Beta One EQ, Ltd. ("D-Beta") (the "Sale Shares") have also been sold, conditional on Admission, to investors at the Placing Price. Neither the Placing nor the sale of the Sale Shares was underwritten. The Placing and the sale of the Sale Shares has been arranged by Turner Pope Investments (TPI) Limited, who have been appointed as the Company's joint broker today. For each 2 Placing Shares subscribed in the Placing investors will receive a warrant to subscribe 1 new ordinary share in the capital of the Company exercisable for a period of 2 years from Admission at the Placing Price. Likewise, it is proposed that for each 2 Sale Shares to be sold, investors will receive a warrant to subscribe 1 new ordinary share in the capital of the Company exercisable at the Placing Price for a period of 2 years from Admission.

Under the equity sharing facility, entered into by the Company with D-Beta on 18 August 2017 (the "Equity Sharing Facility"), the Company has received a net total of £32,245.28 in monthly payments from D-Beta. Subject to receipt by D-Beta of the net proceeds of the sale of the Sale Shares by D-Beta and receipt by the Company of the net proceeds of the Placing, in each case by 31 October 2018, the final amount to be paid by or to the Company, as the case may be (the "Final Payment Amount") in order to terminate the Equity Sharing Facility will be agreed by the parties or determined by the Company's auditors and such amount will relate not only to the Deferred Monthly Payments but also the Further Payments. It is currently anticipated that the Final Payment Amount will be approximately £119,683.84 payable to D-Beta. It is anticipated that such amount and approximately £273,900.69 of the Placing proceeds received by the Company will be used to repay amounts owing by the Company under the Investment Agreement entered into between the Company and YA II PN, which was announced by the Company on 18 August 2017 (pursuant to which the Company was loaned US$400,000 for a 12 month term at an initial interest rate of 10% per annum). The Investment Agreement will then be terminated and the 8,934,663 warrants granted by the Company pursuant to the terms of the Investment Agreement will be cancelled. The Company will make a payment of approximately £273,900.69 in full and final settlement of the Investment Agreement.

Once all the foregoing transactions are settled D-Beta will have no continuing interest in the Company.

For more information on Wishbone please visit the Company's website www.wishbonegold.com.

 Enquiries:

Wishbone Gold PLC

Richard Poulden, Chairman Tel: +44 207 812 0645

Allenby Capital Limited

(Broker, Corporate Adviser and Nominated Adviser)

Nick Naylor/Nick Harriss Tel: +44 20 3328 5656

Turner Pope Investments (TPI) Limited

(Joint Broker)

 Damson Communications

(Public Relations)

Abigail Stuart-Menteth/Amelia Hubert Tel: +44 20 7812 0645