8 Sep 2016 10:13
Interim Results and Trading Update
Interim Results
Wishbone Gold Plc (the Company) has pleasure in announcing the interim results for the group to 30th June 2016. We remind shareholders that these are unaudited and based only on management accounts. The highlights are set out below.
These results include Precious Metals International Ltd and Black Sand FZE for the first time from the acquisition date of 4th February 2016.
The Company raised funding for the gold trading to commence at the beginning of June, therefore no gold trading results are included in these results.
Trading Update
Black Sand FZE has now signed supply agreements with companies in Peru, Ghana, Chile and Colombia. It normally takes around three to four months to integrate a company into the supply chain because gold trading is a highly regulated business and in the Wishbone group we are insistent that the entire supply chain complies with OECD guidelines on precious metals trading.
Currently we are shipping gold from Ghana and Peru. We are on track to meet our year end target of shipping 100 kilos per week. In addition the Company has contracts under negotiation for further suppliers in the above and other countries.
Proactive Investors One2One Presentation
Chairman and CEO, Richard Poulden will be presenting at the Proactive Investors One2One Forum at 1900 on the 8th September at the Chesterfield Hotel, Mayfair, London.
ENDS
For further information, please contact:
Wishbone Gold Plc
Richard Poulden, Chairman and CEO Tel: +44 207 812 0645
Allenby Capital
Nick Naylor / Nick Harriss / James Thomas Tel: +44 20 3328 5656
Damson Communications
Abigail Stuart-Menteth / Amelia Hubert Tel: +44 207 812 0645
Wishbone Gold PLC |
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Consolidated Income Statement |
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for the period from 1 January 2016 to30 June 2016 | |||||||||||||||||
Unaudited Six Months Ended 30 June 2016 | Unaudited Six Months Ended 30 June 2015 | AuditedYear Ended31 December 2015 |
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$ | $ | $ |
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Abortive acquisition costs | - | (97,997) | (195,775) |
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Administrative expenses | (167,762) | (361,600) | (622,659) |
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Operating loss | (167,762) | (459,597) | (818,434) |
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Impairment of investments | (29,046) | - | (272,450) |
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Foreign exchange gain | 31,429 | - | - |
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Finance cost | (19,868) | (10,401) | (29,227) |
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Loss on ordinary activities before taxation | (185,247) | (469,998) | (1,120,111) |
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Tax on loss on ordinary activities | - | - | - |
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Loss for the financial year | (185,247) | (469,998) | (1,120,111) |
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Wishbone Gold PLC
Consolidated Statement of Financial Position
as at 30 June 2016
Unaudited Six Months Ended 30 June 2016 | Unaudited Six Months Ended 30 June 2015 | AuditedYear Ended31 December 2015 | |||
$ | $ | $ | |||
Current assets | |||||
Trade and other receivables | 218,376 | 36,821 | 16,677 | ||
Cash and cash equivalents | 417,874 | 108,134 | 263,741 | ||
636,250 | 144,955 | 280,418 | |||
Non-current assets | |||||
Intangible assets | 421,994 | 406,901 | 404,409 | ||
Investments | 82,381 | 384,537 | 91,152 | ||
504,375 | 791,438 | 495,331 | |||
Total assets | |||||
1,140,625 | 936,393 | 775,749 | |||
Current liabilities | 375,896 | 1,508,294 | 200,661 | ||
Capital and reserves | |||||
Share capital | 1,128,351 | 419,146 | 1,128,351 | ||
Share premium | 4,569,658 | 3,671,758 | 4,569,658 | ||
Share based payment reserve | 70,165 | 74,205 | 70,165 | ||
Accumulated losses | (5,496,684) | (4,661,324 | (5,311,437) | ||
Foreign exchange reserve | 93,239 | (75,686) | 118,351 | ||
Total equity and liabilities | 1,140,625 | 936,393 | 775,749 |
Wishbone Gold PLC | |||||||
Consolidated Statement of Cash Flows | |||||||
for the period from 1 January 2016 to30 June 2016 | |||||||
Unaudited Six Months Ended 30 June 2016 | Unaudited Six Months Ended 30 June 2015 | AuditedYear Ended31 December 2015 |
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$ | $ | $ |
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Cash flows from operating activities |
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Loss before tax | (185,247) | (459,597) | (1,120,111) |
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Reconciliation to cash generated from operations: |
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Foreign exchange (gain)/loss | (31,429) | - | 22,125 |
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Interest expense | 29,046 | - | 29,227 |
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Impairment losses | - | - | 272,450 |
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Administrative expenses converted into ordinary shares | - | - | 1,209,625 |
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Operating cash flow before changes in working capital | (187,630) | (459,597) | (413,316) |
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Decrease/(increase) in receivables | (201,699) | (8,210) | 11,934 |
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Increase/(decrease) in payables | 175,235 | (55,253) | (816,781) |
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Cash outflow from operations | (214,094) | (523,060) | (391,531) |
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Cash flows from investing activities |
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Decrease in Investments | 8,771 | - | - |
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(Increase)/Decrease in Intangible Assets | (17,815) | 2,508 | - |
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(Income) on exploration activities | - | - | (1,170) |
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Net cash flow from investing activities | (9,044) | 2,508 | (1,170) |
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Cash flows from financing activities |
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Proceeds of loan from Sanderson Capital Partners Limited | 400,000 | - | - |
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Interest paid | - | (10,401) | - |
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Issue of shares for cash | - | - | 368,253 |
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(Decrease)/Increase in borrowings | - | 313,080 | (233,025) |
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Net cash flow from financing activities | 400,000 | 302,679 | 135,288 |
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Effects of exchange rates on cash and cash equivalents | (22,729) | 22,217 | 216,254 |
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Net increase/(decrease) in cash | 154,133 | (195,656) | (40,049) |
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Cash at bank at 1 January | 263,741 | 303,790 | 303,790 |
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Cash at bank 30 June 2016 | 417,874 | 108,134 | 263,741 |
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Wishbone (WSBN)