http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 20 Jun 2018 12:16:19 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Wishbone Gold’s sales almost double in the full year to December 2017 ]]> http://www.proactiveinvestors.co.uk/companies/news/199002/wishbone-golds-sales-almost-double-in-the-full-year-to-december-2017-199002.html Sales in the year to December 2017 rose to US$8.2mln for Wishbone Gold PLC (LON:WSBN), up from US$4.2mln in the previous year.  

Administrative costs, excluding interest, were reduced to US$801,691 from US$937,070 in the previous year, despite higher levels of activity.

READ: Wishbone’s artisan trading business rolls out in Thailand

Wishbone Gold held cash of US$256,857 at the period end.

"2017 has been a year of continued growth for the Wishbone Group,” said chief executive Richard Poulden.

“The growth is primarily attributable to the continuing expansion of our operations in Africa. With various initiatives rolling out, and inroads being made in other African nations, I am optimistic about the suitability of our artisanal mining model in the continent. As we look ahead, we see opportunities for 2018 in all our areas of operation, namely Central America, Africa and Asia. With this spread of sources of gold over multiple continents we have a solid trading base for the future."

 

 

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Mon, 18 Jun 2018 07:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199002/wishbone-golds-sales-almost-double-in-the-full-year-to-december-2017-199002.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180618070004_13682610/ Mon, 18 Jun 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180618070004_13682610/ <![CDATA[News - Wishbone Gold says full production at Honduras plant awaiting receipt of appropriate government permits ]]> http://www.proactiveinvestors.co.uk/companies/news/198281/wishbone-gold-says-full-production-at-honduras-plant-awaiting-receipt-of-appropriate-government-permits-198281.html Wishbone Gold PLC (LON:WSBN) has said full production at its Honduras processing plant, anticipated to have commenced in May, has been delayed pending receipt of the appropriate permits for processing larger amounts of gold ore.

The AIM-listed firm announced on 20 April that the Honduras plant was fully operational and undertaking batch processing under a small-scale licence.

READ: Wishbone Gold says Honduras plant is now operational

The company said today it is in discussions with its joint venture partners on full production and is pursuing the relevant permits directly with the Honduran government.

It added that further announcements will be made in due course.

Wishbone Gold said it anticipates announcing its final results for the year ended 31 December 2018 in the next couple of weeks.

In early afternoon trading, Wishbone Gold shares were 3.6% higher at 0.29p.

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Tue, 05 Jun 2018 12:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198281/wishbone-gold-says-full-production-at-honduras-plant-awaiting-receipt-of-appropriate-government-permits-198281.html
<![CDATA[RNS press release - Update on Honduras production ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180605124217_13667710/ Tue, 05 Jun 2018 12:42:17 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180605124217_13667710/ <![CDATA[News - Wishbone Gold says Honduras plant is now operational ]]> http://www.proactiveinvestors.co.uk/companies/news/195469/wishbone-gold-says-honduras-plant-is-now-operational-195469.html Wishbone Gold PLC (LON:WSBN) has told investors that the processing plant in Honduras is now operational.

Following several visits by the team to ensure the project remained on track, the plant is now fully operational under a small-scale licence.

READ: Wishbone’s artisan trading business rolls out in Thailand

It is running batch processing and producing gold, while testing various ore samples.

More licences have been applied for and are under review. The company expects final permitting for large amounts of gold ore in May, and thereafter it will significantly boost production.

“As previously reported the Honduras operations were delayed by the severe weather conditions last year but during the first quarter we have moved to expand our sources of ore supply as previously stated in our plans for our Honduran operations,” the company said in a statement.

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Fri, 20 Apr 2018 12:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195469/wishbone-gold-says-honduras-plant-is-now-operational-195469.html
<![CDATA[RNS press release - Honduras Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180420111545_13612833/ Fri, 20 Apr 2018 11:15:45 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180420111545_13612833/ <![CDATA[RNS press release - Wishbone Gold Presenting at UK Investors Show ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180411095527_13600222/ Wed, 11 Apr 2018 09:55:27 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180411095527_13600222/ <![CDATA[News - Wishbone’s artisan trading business rolls out in Thailand ]]> http://www.proactiveinvestors.co.uk/companies/news/193965/wishbones-artisan-trading-business-rolls-out-in-thailand-193965.html It’s still early days, but Wishbone Gold PLC’s (LON:WSBN) reverse integration strategy being rolled out globally is showing great promise. From Central America and Africa through to Asia, work has already started. Now in its newest territory, Thailand, Wishbone is seeing fast results.

In Thailand, a new entity, Asian Commerce and Commodities Trading (ACCT), has been set up as a joint venture between Wishbone and a local Thai partner with connections to the royal family. This puts the trading element in the country firmly in place. Early in February, ACCT sent a shipment of gold from Thailand to the Wishbone centre of trading operations in Dubai. The purity of the gold received was assayed at 99%, and the volume of shipments is set to rise.

READ: Wishbone Gold confirms Thai gold progress

“Trading comes first,” says Richard Poulden, Chief Executive and major shareholder in Wishbone Gold.

“But in every country we move into we’ll follow that with our reverse integration strategy. The model is to supply expertise and equipment to artisanal miners in return for long-term supply contracts.”

The model is now all set for replication elsewhere even though the hoped-for early success in Honduras suffered setbacks following the destruction wrought during the hurricane season.

Poulden notes: “Nobody predicted that the worst hurricanes on record would blow through the Caribbean. But the operations are fine, and are back on track now. We should have shipments coming out in the next few months.”

Poulden is mindful that dealing with artisans might have its challenges, but with long experience in the resources sector, Poulden brings sector expertise and vision.

His lengthy tenure as chairman and chief executive of the UK mainland’s largest miner, Sirius Minerals (LON:SXX) only adds to his appeal for long term loyal shareholders and new ones alike. He knows the ins-and-outs of the global mining scene, and what’s likely to work for everyone.

“All the mines that we deal with are licensed,” he says. “But they don’t have to start out that way. We’re perfectly happy to take illegal miners and bring them into the fold. This helps them, us, and the local authorities.”

The benefits of this approach are several. First, there’s revenue for Wishbone. But more importantly for the company’s long-term prospects of on-ground trading and supply contracts, the respective local governments are always happy if existing supply is brought into the proper legal and fiscal framework. Governments can then collect taxes on mines that were previously operating under the radar, and, as Poulden points out, they can also aggregate that output into GDP numbers.

In a sense, Wishbone could be seen as a public service. But the commercial element is the real driver. By providing equipment and know-how to artisans, Poulden hypothesises that a standard artisanal mining operation could go from producing half a kilo of gold a week to perhaps five kilos. That’s a significant increase and the benefits accrue to Wishbone as well as to the artisan.

So, in what regions of the world is this likely really to take off?

In a sense, Thailand was a bit of an outlier, a major gold trading centre, but not a region that Wishbone had in the centre of its sights. The company’s already in Mali, and Uganda, and has just announced the appointment of renowned journalist and regional fixer Oliver Poole as a consultant, following a meeting between him, Poulden, and members of the Ugandan cabinet, including President Museveni.

Then there’s Honduras, and in due course potentially Saudi Arabia and Nigeria.

With the gold price still holding very firm above US$1,300 per ounce, the fundamental outlook is very favourable. A few consecutive quarters of demonstrable cashflow should go towards steadying investor nerves, but it’s worth noting that the shares are currently trading at around 50% higher than where they were two years ago

Any recent weakness has been more about the structure of debt finance than concerns around the model itself, and Poulden is well aware of this. This year, investors should look out for a streamlining of debt, firm cashflow, and improving sentiment.

This is likely to be the start of great things for Wishbone.

 

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Wed, 28 Mar 2018 14:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/193965/wishbones-artisan-trading-business-rolls-out-in-thailand-193965.html
<![CDATA[RNS press release - Appointment of Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180327135719_13583407/ Tue, 27 Mar 2018 13:57:19 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180327135719_13583407/ <![CDATA[RNS press release - Change of Company Secretary Name ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180319070006_13571077/ Mon, 19 Mar 2018 07:00:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180319070006_13571077/ <![CDATA[RNS press release - Change of Registered Office ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180308105935_13559826/ Thu, 08 Mar 2018 10:59:35 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180308105935_13559826/ <![CDATA[RNS press release - Admission to the NEX Exchange Growth Market ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180305140845_13554955/ Mon, 05 Mar 2018 14:08:45 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180305140845_13554955/ <![CDATA[News - FCA shuts down troubled brokerage Beaufort Securities ]]> http://www.proactiveinvestors.co.uk/companies/news/192514/fca-shuts-down-troubled-brokerage-beaufort-securities-192514.html A raft of AIM-listed firms were scrabbling for a new broker after Beaufort Securities was shut down today by the UK financial regulator.

As many as fifteen firms used Beaufort Securities as their sole broker and now have to find a replacement or face de-listing from the junior market.

Kibo Mining PLC (LON:KIBO) was also in the unenviable position of being in the middle of a £750,000 fund raise being carried out through Beaufort.

The power station developer in Tanzania said it not received any of the expected proceeds.

Strangely, this is the second time a broker working with Kibo has gone bust in the middle of a fund raise.

In 2015, Hume Capital went into administration when it was sitting out £526,000 of placing proceed that were earmarked for the company.

Kibo eventually got all of its money after a ten month delay.

Early on Friday, The FCA placed both Beaufort Securities and Beaufort Asset Clearing Services into insolvency after an assessment of their financial situation.

The move was “to protect assets from dissipation and protect the customers of both firms," the regulator said in a statement.

 

Beaufort Securities Limited and Beaufort Asset Clearing Services Limited have entered insolvency and have ceased trading. The firms are currently unable to execute any new business or act on any instructions from clients. Further information will be shared as soon as available.

— Beaufort Securities (@BeaufortSec) March 2, 2018

 

Beaufort’s businesses have been ordered to cease all regulatory activity and not to dispose of any firm or client assets without the consent from the FCA.

Affected customers will be notified by administrator PWC in due course, said the regulator.

Beaufort Securities was already banned from holding or receiving client monies after a string of complaints to the Financial Ombudsman Service over the past two years.

PCG Entertainment (LON:PGE) and Wishbone Gold PLC (LON:WSBN), two of Beaufort’s AIM-listed clients, both said they had already started to look for a new broker. Other firms included Tiger Resources, Xtract Resources Galileo, ValirX and MySquar.

-- adds detail --

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Fri, 02 Mar 2018 10:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192514/fca-shuts-down-troubled-brokerage-beaufort-securities-192514.html
<![CDATA[RNS press release - Statement re Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180302095108_13552653/ Fri, 02 Mar 2018 09:51:08 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180302095108_13552653/ <![CDATA[RNS press release - Admission to the NEX Exchange Growth Market ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180226163001_13546362/ Mon, 26 Feb 2018 16:30:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180226163001_13546362/ <![CDATA[RNS press release - Update on the Equity Sharing Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180214163212_13533528/ Wed, 14 Feb 2018 16:32:12 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180214163212_13533528/ <![CDATA[News - Wishbone Gold confirms Thai gold progress ]]> http://www.proactiveinvestors.co.uk/companies/news/191509/wishbone-gold-confirms-thai-gold-progress-191509.html Wishbone Gold PLC (LON:WSBN) has confirmed that a new Thai entity has now been set up, and highlighted that the first successful delivery of gold has now taken place.

It currently owns 49% of the newly created Asian Commerce and Commodities Trading Co (ACCT), though arrangements are in place that could see Wishbone increase its stake up to 95%.

READ: Wishbone Gold shares positive news from Honduras

The gold was shipped from Thailand to Dubai, where it arrived last week.

Wishbone expects gold shipments to increase in volume over the coming months, anticipating multiple deliveries each week.

"We are pleased that the first shipment of gold arrived without a problem and look forward to increasing the volumes,” said Richard Poulden, Wishbone chief executive in a statement on Monday.

“The possibility of working with the Thai authorities to improve the working conditions of ASM [artisanal/ small scale mines] miners is exciting and will give Wishbone Gold a good foothold in another gold producing country."

READ: Wishbone Gold modifies equity sharing agreement with D-Beta One

Wishbone highlighted that the Thai venture opens opportunities for the group’s “reverse integration” strategy - with the country hosting a network of licensed ASM gold mines that meet the group’s criteria.

The company expects to engage further in its artisanal model, once the gold trading model is running smoothly.

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Mon, 12 Feb 2018 12:12:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191509/wishbone-gold-confirms-thai-gold-progress-191509.html
<![CDATA[RNS press release - First shipment gold Thailand new trading structure ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180212113929_13529796/ Mon, 12 Feb 2018 11:39:29 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180212113929_13529796/ <![CDATA[RNS press release - Appointment of Consultant ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180115070005_13495612/ Mon, 15 Jan 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20180115070005_13495612/ <![CDATA[News - Wishbone Gold shares positive news from Honduras ]]> http://www.proactiveinvestors.co.uk/companies/news/188416/wishbone-gold-shares-positive-news-from-honduras-188416.html Wishbone Gold PLC (LON:WSBN) said its operations in Honduras are getting back in the swing of things now the wet season is over.

The company’s business model entails providing equipment and expertise to existing small mines in Honduras to enable them to increase production, and prior to the wet season, most of the equipment was installed but commissioning activities were suspended as new buildings could not be completed prior to the hurricanes.

READ: Wishbone Gold modifies equity sharing agreement with D-Beta One

The weather has now improved and the buildings are expected to be completed in the next couple of weeks, Wishbone said.

The country is still beset by a dispute over the result of the recent election with the opposition calling for a recount.

Wishbone’s local partners have reported that the demonstrations and protests have been largely limited to the capital, Tegucigalpa, but the position is unlikely to be stable for a few more weeks.

Wishbone believes its business model will still work, whichever party wins out, because unemployment, illegal mining and collection of taxation are priorities for both political parties. 

READ: Wishbone Gold says its Mali subsidiary is now receiving full volume shipments from its new supplier

"Wishbone Gold's strategy of reverse integration into the small mining sector remains our priority and we hope to announce further plans in this area shortly. We will provide a full trading update early in the New Year but wanted to share the positive news from Honduras as soon as possible," said Richard Poulden, the chairman and chief executive of Wishbone Gold.

Shares in Wishbone were up 23% in early deals.

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Thu, 07 Dec 2017 08:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188416/wishbone-gold-shares-positive-news-from-honduras-188416.html
<![CDATA[RNS press release - Honduras Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171207070002_13456699/ Thu, 07 Dec 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171207070002_13456699/ <![CDATA[News - Wishbone Gold modifies equity sharing agreement with D-Beta One ]]> http://www.proactiveinvestors.co.uk/companies/news/187495/wishbone-gold-modifies-equity-sharing-agreement-with-d-beta-one-187495.html Wishbone Gold PLC (LON:WSBN) and D-Beta One have modified the equity sharing agreement announced on 18 August 2017.

D-Beta One is leading a syndicate that had pledged to subscribe for 114.3mln Wishbone shares at 0.7p a throw; it has agreed with Wishbone to double the number of remaining monthly payments from 10 to 20, which will have the effect of reducing the volume of shares that D-Beta One will trade in any given period.

READ: Wishbone Gold agrees new institutional funding deals

The proceeds of each monthly payment will be dividing equally between Wishbone and paying off the balance of Wishbone’s investment agreement with YA II PN.

Shares in Wishbone rose 8.2% to 0.595p in the first hour of trading.

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Mon, 20 Nov 2017 09:03:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187495/wishbone-gold-modifies-equity-sharing-agreement-with-d-beta-one-187495.html
<![CDATA[RNS press release - Update on the Equity Sharing Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171120070005_13436552/ Mon, 20 Nov 2017 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171120070005_13436552/ <![CDATA[News - Wishbone Gold says its Mali subsidiary is now receiving full volume shipments from its new supplier ]]> http://www.proactiveinvestors.co.uk/companies/news/186210/wishbone-gold-says-its-mali-subsidiary-is-now-receiving-full-volume-shipments-from-its-new-supplier-186210.html Black Sand FZE, a subsidiary of Wishbone Gold PLC (LON:WSBN), is now receiving full volume shipments from its new supplier in Mali.

Trials started a few months ago, prior to the wet season, and will continue through next year. Roughly US$700,000 worth of gold was received last week with volumes expected to increase over the coming months, Wishbone said.

Gold is expected to be shipped roughly every ten days. This will be shipped as doré and thus will have varying ranges of purity.

Meanwhile, in Honduras, the company's operations have been affected by continuing poor weather conditions, not least by the worst Caribbean hurricane season on record, which has had a knock-on effect across Central America.

The net effect of the situation in Mali and Honduras is that revenue will be below current market expectations, but the board said the impact on the bottom line will be neutral.

"We are pleased that Black Sand's new contract in Mali is moving along as planned and we look forward to increasing the volumes in the future. Mali produces 50mt [millions of tonnes] of gold each year, which is mostly from artisanal miners, meaning the opportunities remain significant," said Richard Poulden, chief executive officer and chairman of Wishbone Gold.

“In Honduras, the extreme weather conditions faced by the region have set back our timing on site but we still hope to be in production there early next year," he added.

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Wed, 25 Oct 2017 15:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/186210/wishbone-gold-says-its-mali-subsidiary-is-now-receiving-full-volume-shipments-from-its-new-supplier-186210.html
<![CDATA[RNS press release - Trading Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171025134707_13408872/ Wed, 25 Oct 2017 13:47:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171025134707_13408872/ <![CDATA[RNS press release - Update on Equity Sharing Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171018100110_13400624/ Wed, 18 Oct 2017 10:01:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171018100110_13400624/ <![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171005153124_13387805/ Thu, 05 Oct 2017 15:31:24 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171005153124_13387805/ <![CDATA[RNS press release - Update on Equity Sharing Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171004070004_13385005/ Wed, 04 Oct 2017 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171004070004_13385005/ <![CDATA[RNS press release - Results of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171003170425_13384813/ Tue, 03 Oct 2017 17:04:25 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20171003170425_13384813/ <![CDATA[RNS press release - Align Research initiation of coverage ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170926071501_13375284/ Tue, 26 Sep 2017 07:15:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170926071501_13375284/ <![CDATA[News - Wishbone Gold ready to roll in Honduras as soon as weather improves ]]> http://www.proactiveinvestors.co.uk/companies/news/183975/wishbone-gold-ready-to-roll-in-honduras-as-soon-as-weather-improves-183975.html Wishbone Gold PLC (LON:WSBN) has told investors its joint venture in Honduras is ready to be brought on stream as soon as the weather in the Central American country picks up.

Earlier this year, Wishbone inked a 30-year deal with SION Honduras, which has an agreement with the Honduran government to expand the mining industry there.

The venture will provide equipment and expertise to small mines in Honduras to enable them to increase production. In return, the mines will supply Wishbone's trading subsidiary Black Sand FZE with all the output at preferential prices.

However, “the worst hurricane season on record” has forced gold mines in the region to shut down their operations and delayed the final commissioning of the plant.

Wishbone said today that the project will be operational as soon as weather conditions improve but added that this will probably result in a three-month delay in going into production.

WATCH: Honduras expansion plans on track for Wishbone Gold following new funding deal Honduran JV to provide higher margins

"It's a promising start for the roll out of Wishbone Gold's strategy and we are looking forward to having the Honduras model operational,” said chief executive Richard Poulden.

“This model will enable smaller miners to provide a long term, stable and profitable source of gold that can be replicated easily both within Honduras and globally.

“The supply agreements produce much higher margins than general trading which will provide higher average margins overall.”

Poulden also revealed that Wishbone is in discussions set up similar programs with two African nations.

READ: Wishbone Gold ready to reverse gently into gold supply Interim results

For the six months ended 30 June, Wishbone turned over £3.98mln (H1 2016: £0) and generated a gross profit of £0.02mln (H1 2016: £0).

The net loss widened slightly to £0.33mln (H1 2016: £0.19mln) with funds being diverted to help finance its venture in Honduras.

Wishbone ended the half with a net cash position of US$2.6mln compared to US$1.4mln a year earlier.

Shares were down 0.08p or 10.7% to 0.62p.

--Updates for share price--

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Thu, 14 Sep 2017 08:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183975/wishbone-gold-ready-to-roll-in-honduras-as-soon-as-weather-improves-183975.html
<![CDATA[RNS press release - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170914070004_13362221/ Thu, 14 Sep 2017 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170914070004_13362221/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170904155327_13351306/ Mon, 04 Sep 2017 15:53:27 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170904155327_13351306/ <![CDATA[Media files - Honduras expansion plans on track for Wishbone Gold following new funding deal ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7976/honduras-expansion-plans-on-track-for-wishbone-gold-following-new-funding-deal-7976.html Tue, 22 Aug 2017 13:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7976/honduras-expansion-plans-on-track-for-wishbone-gold-following-new-funding-deal-7976.html <![CDATA[News - Wishbone Gold agrees new institutional funding deals ]]> http://www.proactiveinvestors.co.uk/companies/news/182723/wishbone-gold-agrees-new-institutional-funding-deals-182723.html Wishbone Gold PLC (LON:WSBN) told investors it had agreed a new funding deal with institutional investors, arranged by RiverFort Global Capital.

It sees new shares being issued at a price of 0.7p each.

WATCH: Honduras expansion plans on track for Wishbone Gold following new funding deal

The arrangement comprises a £800,000 share subscription and a separate equity sharing agreement. Up to US$2mln of investment potentially comes from YA II PN Ltd, arranged by RiverFort, with an initial drawdown of US$400,000. Share warrants were also issued as part of the new arrangement.

“This is the first stage in an overall funding relationship with RiverFort that can lead to the funding of new deals at the project level,” said Richard Poulden, Wishbone chairman.

Graham Sterling, RiverFort chief investment officer, meanwhile, added: “This innovative financing structure offered to Wishbone Gold by RiverFort will allow them to build on their solid progress to date.

“RiverFort believes in the future potential of Wishbone Gold and this funding is an integral part of assisting them in achieving this potential.

“It underlines our faith in Wishbone Gold's Board's ability to execute on their strategy."

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Fri, 18 Aug 2017 15:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182723/wishbone-gold-agrees-new-institutional-funding-deals-182723.html
<![CDATA[RNS press release - Fundraising and Investment Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170818152212_13335431/ Fri, 18 Aug 2017 15:22:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170818152212_13335431/ <![CDATA[RNS press release - Conversion of Directors Fees into Shares ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170816140436_13332199/ Wed, 16 Aug 2017 14:04:36 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170816140436_13332199/ <![CDATA[News - Wishbone Gold expands precious metals business in 2016 ]]> http://www.proactiveinvestors.co.uk/companies/news/180151/wishbone-gold-expands-precious-metals-business-in-2016-180151.html Wishbone Gold PLC (LON:WSB) expanded its precious metals trading business Black Sand last year, and is upbeat on reporting further growth this year.

Reporting full year results, the firm said it narrowed its loss  to $958,100 from $1.12mln and had sales of $4.2mln.

Meanwhile, in March this year, Wishbone shares rose as it unveiled a new joint venture aimed at tapping gold mining in Honduras.

Subsidiary Wishbone Gold Honduras Ltd has inked the 30 - year deal with SION Honduras, which has an agreement with the Honduran government to expand the mining industry there.

Chairman Richard Poulden said: "Wishbone Gold PLC's further entrenchment into precious metals trading with its subsidiary Black Sand has seen an increase in the profitable opportunities for the company.

"The company's joint venture agreement in March 2017 through its subsidiary, Wishbone Gold Honduras Ltd with SION Honduras SA funds the development and exploitation of existing gold mine sites in Honduras, enabling then to increase production.

"In return, the mines will agree to supply Black Sand with all the output from the mines at preferential prices. It's proactive and sustainable model for the Company and its partners, and we look reporting further good news in coming months.

The firm has cash at $1.065mln as at period end in 2016. (2015: $23,741).

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Fri, 30 Jun 2017 15:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180151/wishbone-gold-expands-precious-metals-business-in-2016-180151.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170630121316_13279782/ Fri, 30 Jun 2017 12:13:16 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170630121316_13279782/ <![CDATA[Media files - Honduras joint venture 'a huge opportunity' for Wishbone Gold, says CEO Richard Poulden ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7277/honduras-joint-venture-a-huge-opportunity-for-wishbone-gold-says-ceo-richard-poulden-7277.html Wed, 12 Apr 2017 12:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7277/honduras-joint-venture-a-huge-opportunity-for-wishbone-gold-says-ceo-richard-poulden-7277.html <![CDATA[News - Wishbone Gold surges on Honduras gold mining venture ]]> http://www.proactiveinvestors.co.uk/companies/news/175758/wishbone-gold-surges-on-honduras-gold-mining-venture-175758.html Shares in trading group Wishbone Gold PLC (LON:WSBN) rose 20% as it unveiled a new joint venture aimed at tapping gold mining in Honduras.

Subsidiary Wishbone Gold Honduras Ltd has inked the 30 - year deal with SION Honduras, which has an agreement with the Honduran government to expand the mining industry there.

WATCH: Honduras venture a "huge opportunity", says CEO ... READ - Wishbone Gold ready to reverse gently into gold supply

The venture will provide equipment and expertise to small mines in Honduras to enable them to increase production.

In return, the mines will supply Wishbone's trading subsidiary Black Sand FZE with all the output at preferential prices.

Chief executive at Wishbone Richard Poulden said: "Working with SION in this way implements Wishbone Gold's strategy of reverse integration into the small mining sector around the world.

"This secures supply and increases margins," he added.

WATCH - Wishbone Gold has a great future, says Poulden

The aim is to recover each investment within a year, said Wishbone. After that,  the margin remains shared equally with SION.

The mines receive higher sales and higher profits. Wishbone and SION obtain security of supply at preferential prices and the Honduran government is guaranteed that all taxes will be paid by the mines, the firm added.

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Fri, 31 Mar 2017 11:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175758/wishbone-gold-surges-on-honduras-gold-mining-venture-175758.html
<![CDATA[RNS press release - Honduras Mining Joint Venture ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170331095604_13178711/ Fri, 31 Mar 2017 09:56:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170331095604_13178711/ <![CDATA[RNS press release - Wishbone Gold plc at UK Investor Show 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170314133924_13158295/ Tue, 14 Mar 2017 13:39:24 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170314133924_13158295/ <![CDATA[News - Wishbone Gold ready to reverse gently into gold supply ]]> http://www.proactiveinvestors.co.uk/companies/news/172936/wishbone-gold-ready-to-reverse-gently-into-gold-supply-172936.html Wishbone Gold PLC (LON:WSBN) is a gold shipper based in Dubai that matches buyers with small producers in Africa and South America.

It began operating in August 2016 and finished the year out by shipping 105 kilos (3,380 ounces) in total in December, its peak month. In 2017 it continued to expand its trading subsidiary Black Sand, after it delivered total revenues of US$4.2 mln for 2016. During the first quarter of 2017 revenues rose to US$2.5 mln, with chief executive Richard Poulden anticipating further improvements in the coming quarters.

Overall 2016 had been a successful year for Wishbone with volumes good, though changes to India’s import rules had affected the market, he said, and in results released in June 2017 argued that the market was now providing "an increase in the profitable opportunities for the company." 

India and China are the two largest physical markets for gold such as jewellery, bars and coins.

Watch: Wishbone Gold has a great future, says Poulden Read: Wishbone Gold gives loan to Ghana supplier

“The gold market remains extremely strong in volume terms which makes us believe that the oft quoted decline in production is failing to monitor the small producers which is our target supplier market.

“The traffic is inexorably east with small premiums over the world spot price appearing from time to time in India and Hong Kong."

Wishbone has supply agreements with miners based in Peru, Ghana, Chile and Colombia.

Subsidiary Black Sand’s management visited Peru and Chile recently, which would provide more opportunities for the company said Poulden while its early stage projects in Honduras and Ghana should move forward.

 

New funding in place

 

 

In August 2017 the company raised new funds via an £800,000 funding through Riverfort, and also put in place an equity drawdown facility totalling US$2 mln. "This is the first stage in an overall funding relationship with Riverfort that can lead to the funding of new deals at the project level," said Poulden.

 

 

Right place at right time

If you want to ship gold Dubai is the place to be. An estimated 40% of physical gold traded in the world moves through Dubai.

This gold goes from west to east, from south to north and into and out of Europe - much of the trade ended up in China, but there was also significant business volumes done with India.

In short, Dubai is a global hub for the gold trade and anyone looking to enter the market would do well to base there.

This was the rationale that saw Wishbone acquire  Black Sand, a company with a licence to trade gold, precious metals and gemstones in Dubai.

The thinking is pretty clear, Poulden explains.

At this stage the trading business in Dubai is all about moving gold on from a seller to a buyer.

For now Wishbone itself won’t be taking speculative positions in the market, although that may change at a later date.

Rather the idea is to pick up the 2-4% margin on each transaction, to conduct three or four transactions per month, and to build a cash positive business from there.

Currently Black Sand’s main network of suppliers are in South America where two contracts are already in place.

Poulden believes that using his network of global contacts, gleaned from his time at Sirius Minerals (LON:SXX) and elsewhere, the group may be able to expand this and source more from other regions.

More importantly, Poulden believes it is at the stage where it can 'reverse engineer' into the supply chain by offering equipment loans to some of its small suppliers.

It has started to do this 'on a gentle basis already' but by the end of 2017 he wants to have ‘several vertical integration strategies brought to fruition.” 

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Thu, 09 Feb 2017 15:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172936/wishbone-gold-ready-to-reverse-gently-into-gold-supply-172936.html
<![CDATA[News - Wishbone Gold undershoots shipping target ]]> http://www.proactiveinvestors.co.uk/companies/news/172905/wishbone-gold-undershoots-shipping-target-172905.html Wishbone Gold PLC (LON:WSBN) shifted 25 kilos of the precious a week in December as demand for the precious metal remained strong in the wake of Donald Trump’s presidential victory.

This was below its target of 100 kilos a week, but in line with its budget said the company.

In a clarification after the original RNS, Wishbone said: “The budget has thus been exceeded while the target was missed by the failure of one supplier to ship on time.

“There is no reason to believe that these shipments will not take place in the future.”

Wishbone is a gold shipper based in Dubai that matches buyers with small producers in Africa and South America.

It began operating in August and shipped 105 kilos (3,380 ounces) in total in December.

India and China are the two largest physical markets for gold such as jewellery, bars and coins.

Richard Poulden, chief executive, said that overall it had been a successful year for Wishbone with volumes good, though changes to India’s import rules had affected the market.

“The gold market remains extremely strong in volume terms which makes us believe that the oft quoted decline in production is failing to monitor the small producers which is our target supplier market.

“The traffic is inexorably east with small premiums over the world spot price appearing from time to time in India and Hong Kong."

Wishbone has supply agreements with miners based in Peru, Ghana, Chile and Colombia.

Subsidiary Black Sand’s management visited Peru and Chile recently, which would provide more opportunities for the company said Poulden while its early stage projects in Honduras and Ghana should move forward.

Wishbone is visiting Ghana in February to discuss other potential opportunities while it is also mulling a move into equipment finances to help deepen its ties with small gold mining companies.

Shares fell 23% to 0.63p.

 

-- Amends for company’s correction to gold shipment target, effect of India, share price --

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Thu, 09 Feb 2017 07:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172905/wishbone-gold-undershoots-shipping-target-172905.html
<![CDATA[Media files - Wishbone Gold has a great future, says Poulden ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6896/wishbone-gold-has-a-great-future-says-poulden-6896.html Thu, 09 Feb 2017 07:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6896/wishbone-gold-has-a-great-future-says-poulden-6896.html <![CDATA[RNS press release - Trading Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170209070010_13121928/ Thu, 09 Feb 2017 07:00:10 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20170209070010_13121928/ <![CDATA[News - Wishbone Gold gives loan to Ghana supplier ]]> http://www.proactiveinvestors.co.uk/companies/news/170129/wishbone-gold-gives-loan-to-ghana-supplier-170129.html Shares in precious metal trader Wishbone Gold PLC (LON:WSBN) added almost 10% as it provided a loan to one of its suppliers in Ghana.

The US$100,000 to Narh Global Services Ltd (NGSL) is to help it buy new washing facilities to increase the production of NGSL's alluvial properties.

It does not bear interest but the discount on shipments for Wishbone from NGSL is increased to 6% from 3% for future shipments from alluvial production.

The loan will be repaid out of increased shipments of gold.

Wishbone's chairman and chief executive Richard Poulden said: "This is a vote of confidence in one of our trusted suppliers.

"To put this transaction in context, Bank of Ghana interest rates are currently around 25% pa. In addition the company is lending to company with no proven resource, relying on our own in country due diligence and NGSL's track record as a supplier. We anticipate that we make similar investments in future".

Shares gained 9.38% to 0.875p.

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Wed, 07 Dec 2016 15:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170129/wishbone-gold-gives-loan-to-ghana-supplier-170129.html
<![CDATA[RNS press release - Loan Facility to Supplier ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161207123350_013059396/ Wed, 07 Dec 2016 12:33:50 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161207123350_013059396/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161130180001_013052210/ Wed, 30 Nov 2016 18:00:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161130180001_013052210/