http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 23 Oct 2017 01:28:44 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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/ <![CDATA[RNS press release - Submission of Shares ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161111070012_013031922/ Fri, 11 Nov 2016 07:00:12 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161111070012_013031922/ <![CDATA[News - Wishbone Gold raises £400,000 for further investment ]]> http://www.proactiveinvestors.co.uk/companies/news/168137/wishbone-gold-raises-400000-for-further-investment-168137.html Wishbone Gold PLC (LON:WSBN) has raised £400,000 in a placing at 0.8p to advance the company, which is a precious metal trader and has exploration assets.

The firm issued 50mln new shares and around 3.07mln warrants with an exercise price of 1.3p with a life of two years to broker Beaufort Securities.

Chairman and chief executive Richard Poulden, said: "We are raising this funding to use for general working capital purposes and specifically for investment.

"Our debt facilities are primarily limited to supporting the trading operations. This concludes our current round of equity raising".

Last month the firm posted half year results to end June and said it had inked supply agreements with companies in Peru, Ghana, Chile and Colombia.

Wishbone raised funding for gold trading to begin at the beginning of June, therefore the results contained no trading figures.

The loss before tax was narrowed to around $185,000 compared to a loss of $500,000 last year. Cash in the bank was around $418,000 (2015: $108,000).

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Thu, 27 Oct 2016 08:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/168137/wishbone-gold-raises-400000-for-further-investment-168137.html
<![CDATA[RNS press release - Placing of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161027070010_013014484/ Thu, 27 Oct 2016 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20161027070010_013014484/ <![CDATA[RNS press release - Placing of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160928085519_012981664/ Wed, 28 Sep 2016 08:55:19 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160928085519_012981664/ <![CDATA[News - Wishbone Gold on track to meet shipping targets ]]> http://www.proactiveinvestors.co.uk/companies/news/163699/wishbone-gold-on-track-to-meet-shipping-targets-163699.html Wishbone Gold PLC (LON:WSBN), which moved into precious metal trading through its purchase of Precious Metals International (PMI) in February,  said it had  now signed supply agreements with companies in Peru, Ghana, Chile and Colombia.

It came as the firm posted results for the six months to end June.

"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," it said, adding it was negotiating with further suppliers in these and other countries.

Wishbone raised funding for gold trading to begin at the beginning of June, therefore these results contain no trading figures.

The loss before tax was narrowed to around $185,000 compared to a loss of $500,000 last year. Cash in the bank was around $418,000 (2015: $108,000).

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Thu, 08 Sep 2016 17:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/163699/wishbone-gold-on-track-to-meet-shipping-targets-163699.html
<![CDATA[RNS press release - Interim Accounts and Trading Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160908101312_012958944/ Thu, 08 Sep 2016 10:13:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160908101312_012958944/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160815104500_012931057/ Mon, 15 Aug 2016 10:45:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160815104500_012931057/ <![CDATA[RNS press release - Notice of AGM and EGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160722161708_012903695/ Fri, 22 Jul 2016 16:17:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160722161708_012903695/ <![CDATA[News - Wishbone Gold buoyed by increased gold price ]]> http://www.proactiveinvestors.co.uk/companies/news/127750/wishbone-gold-buoyed-by-increased-gold-price-127750.html An increase in gold prices has buoyed Wishbone Gold PLC (LON:WSBN), which has moved into precious metal trading, since the end of 2015, it told investors.

The group announced the paper acquisition of Precious Metals International (PMI), which has a precious metal and gem trading licence to operate in the UAE, in February and its wholly owned subsidiary is Black Sand FZE, which has a gold, precious metals and gem trading licence.

Gold prices gained more than 16% in the first four months of 2016 and tested the US$1,300 per ounce in May 2016, the firm noted.

"Though they have fallen back a little, the upward trend remains as China, India and Russia continue to shore up reserves.

"Margins in the trading business are essentially fixed so a rise in the gold price leads to a corresponding increase in profitability for the trading.

"This offers Wishbone Gold plc an increasingly optimistic outlook, as the dual approach of exploration and trading in precious metals offers additional options in terms of achieving profitability and cash flow," it said.

In addition, this month it struck a two year US$3mln loan deal with Sanderson Capital to support the gold trading business.

The loss before tax for the year was US$1.12mln compared to a loss of US$2.5mln in 2014.

Chairman Richard Poulden added that Wishbone had continued its exploration in Australia during the year and in particular benefited on its main properties of White Mountains and Wishbone II from the Industry Priorities Initiative of the Future Resources Program - a Queensland government funded piece of work with a brief of correcting existing geological mapping and comparing like systems.

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Fri, 01 Jul 2016 08:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127750/wishbone-gold-buoyed-by-increased-gold-price-127750.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160630181117_012875737/ Thu, 30 Jun 2016 18:11:17 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160630181117_012875737/ <![CDATA[RNS press release - Correction - Signing of Loan Facility ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160606104802_012842493/ Mon, 06 Jun 2016 10:48:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160606104802_012842493/ <![CDATA[News - Wishbone Gold agrees US$3mln loan deal with Sanderson ]]> http://www.proactiveinvestors.co.uk/companies/news/126759/wishbone-gold-agrees-us3mln-loan-deal-with-sanderson-126759.html Wishbone Gold PLC (LON:WSBN) has struck a two year US$3mln loan deal with Sanderson Capital to support its gold trading business.

The firm is developing  the business and has  a trading outfit based in Dubia and exploration licences in Australia.

Wishbone can draw on the facility in multiples of US$100,000 at any time up to June 6, 2018 and it can be repaid at any time.

The interest is 2% per year and 0.5% is payable on each trade of precious metals where the facility is utilised either to support a letter of credit or in direct trading.

Wishbone's chairman and chief Richard Poulden said: "I believe this is an excellent deal for Wishbone.

"Sanderson have recognised the lower risk opportunity of the project with a low interest rate and other fees linked entirely to the success of our operations. Thus far we have traded gold in small volumes constrained by working capital and this enables us to move on the larger contracts, which we have in place. We will issue a trading update as soon as we are able to do so."

Wishbone will pay a 10% commitment fee for the deal. Shares will be issued at 0.54 pence - the closing mid-market price on  Friday (June 3).

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Mon, 06 Jun 2016 07:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/126759/wishbone-gold-agrees-us3mln-loan-deal-with-sanderson-126759.html
<![CDATA[RNS press release - Signing of Loan Facility ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160606070008_012841818/ Mon, 06 Jun 2016 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160606070008_012841818/ <![CDATA[Media files - Wishbone Gold's Richard Poulden presents at Mining Capital Conference ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/5045/wishbone-gold-s-richard-poulden-presents-at-mining-capital-conference-5045.html Tue, 17 May 2016 14:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/5045/wishbone-gold-s-richard-poulden-presents-at-mining-capital-conference-5045.html <![CDATA[RNS press release - Stmnt re Share Price Movement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160427131448_012794490/ Wed, 27 Apr 2016 13:14:48 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160427131448_012794490/ <![CDATA[RNS press release - Change of Adviser ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160311070011_012733089/ Fri, 11 Mar 2016 07:00:11 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160311070011_012733089/ <![CDATA[News - Wishbone Gold goes for cash flow from Dubai trading ]]> http://www.proactiveinvestors.co.uk/companies/news/122537/wishbone-gold-goes-for-cash-flow-from-dubai-trading-122537.html In 2013, the last year for which accurate data is available, around 40% of physical gold traded in the world moved through Dubai.

This gold was going 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 is what Wishbone Gold (LON:WSBN) has done, following its acquisition of privately-owned Black Sand, a company with a licence to trade gold, precious metals and gemstones in Dubai.

The thinking is pretty clear, as executive chairman Richard Poulden explains.

“At the UK Investor show I stood up in front of the audience and apologised,” he says, on the phone from his office in Dubai.

The reason for the apology? Simply, that alongside such industry luminaries as Rick Rule and Eric Sprott he called the gold price wrong back in 2012.

“When we launched Wishbone,” he says, “gold was at US$1,350 per ounce and all of us thought it was going to US$2,000 and beyond. In fact it went to US$1,380 and turned around and went back.”

The weakness in the gold price since Wishbone listed has somewhat hampered its ability to make progress with its gold exploration properties in Queensland, Australia.

Indeed, raising meaningful amounts of capital for pure exploration has been nigh on impossible for any company for at least a couple of years now.

Instead, junior miners are in increasing numbers reverting to the old model that the London investment community always used to favour before the froth and excesses of the boom: namely that exploration upside be supported by cash flow.

This is precisely the model that Wishbone is now adopting. “The company will be cash flow positive and still have the exploration assets,” says Poulden.

But he’s clear that 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.

To get the trading business fully up and running the company will require up to US$10 mln in working capital, though not all at once. Poulden is confident that this money can be raised as debt at a reasonable rate, and that if margins and volumes build as he anticipates the sense of being geared in this manner will become obvious.

“We’ve got a significant level of interest,” he says, in referring to potential debt providers.

And he’s got a significant level of interest in the market too. Volumes this year have hit record levels, peaking at a daily trade of 82 mln shares on January 12th.

There’s some ground to be made up yet before the share price returns to the levels it was at when Wishbone listed, but the Black Sand acquisition could well mark the start of a substantial recovery.

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Mon, 15 Feb 2016 13:08:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/122537/wishbone-gold-goes-for-cash-flow-from-dubai-trading-122537.html
<![CDATA[News - Wishbone Gold shares advance on acquisition news ]]> http://www.proactiveinvestors.co.uk/companies/news/122218/wishbone-gold-shares-advance-on-acquisition-news-122218.html Shares in Wishbone Gold (LON:WSBN) broke out after it announced the paper acquisition of Precious Metals International (PMI), which has a precious metal and gem trading licence to operate in the UAE.

PMI's wholly owned subsidiary is Black Sand FZE, which has a gold, precious metals and gem trading licence.

Black Sand currently has agreements for importing gold from Colombia and Honduras with a pipeline of other supply deals from other parts of South America, said the firm.

Wishbone's chairman and chief executive Richard Poulden said: "This moves Wishbone into a position where rather than being just another exploration company with promising properties it will now be in a position where it also has the support of cash flow from the trading operations in Dubai."

The initial consideration is valued at  £648,000 with Wishbone issuing 240mln shares at 0.27p each.

A further payment of 240mln shares is due  once the annual profit after tax of the PMI Group is more than $1mln.

Wishbone said it retained its Australian exploration properties and reckons it may be possible to realise synergies between the exploration and trading operations in the future.

Shares in Wishbone added 9.62% to 0.285p

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Fri, 05 Feb 2016 13:43:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/122218/wishbone-gold-shares-advance-on-acquisition-news-122218.html
<![CDATA[RNS press release - Statement re Black Sand FZE Acquisition ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160205070006_012687689/ Fri, 05 Feb 2016 07:00:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160205070006_012687689/ <![CDATA[RNS press release - Stmnt re Share Price Movement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160111162650_012654443/ Mon, 11 Jan 2016 16:26:50 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20160111162650_012654443/ <![CDATA[News - Wishbone Gold raises £250,000 in share placing ]]> http://www.proactiveinvestors.co.uk/companies/news/110332/wishbone-gold-raises-250000-in-share-placing-110332.html Wishbone Gold (LON:WSBN) revealed it has raised £250,000 through the issue of new shares.

The small cap explorer said it will use the cash for working capital purposes.

Some 100mln shares are being issued through the placing, organised by Beaufort Securities, at a price of 0.25p per share.

In a stock market statement Wishbone chairman Richard Poulden welcomed the support of investors.

"It is great to have the support of the City backing precious metals, in particular gold, at this counter cyclical moment," he said.

The company also repeated previous guidance that it also intends to issue shares to convert certain director and shareholder loans into equity to preserve cash and running costs.

Wishbone currently has exploration licences in Queensland, Australia, and it has been looking at acquiring additional projects.

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Thu, 27 Aug 2015 07:49:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/110332/wishbone-gold-raises-250000-in-share-placing-110332.html
<![CDATA[Media files - Wishbone Gold has busy acquisition and exploration year ahead ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/3901/wishbone-gold-has-busy-acquisition-and-exploration-year-ahead-3901.html Wed, 01 Jul 2015 12:11:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/3901/wishbone-gold-has-busy-acquisition-and-exploration-year-ahead-3901.html <![CDATA[News - Wishbone Gold continues hunt for acquisitions ]]> http://www.proactiveinvestors.co.uk/companies/news/108560/wishbone-gold-continues-hunt-for-acquisitions-108560.html Australia-focused precious metals firm Wishbone Gold (LON:WSBN) said it continues on the hunt for suitable acquisitions, while continuing exploration.

The group posted full year 2014 results today, which showed a pre-tax loss of $2.6mln compared to a loss of 660,000 in 2013.

Exploration in the last year has focused on the White Mountains prospect in Queensland and has highlighted the underexplored nature of this region on the western margin of the well mineralised North Queensland Charters Towers Gold Province.

"Significantly, there is very little previous drilling in the whole of the White Mountains area other than in Granite Castle to the west of our tenement," the firm said.

The prospect plays host to a zoned polymetallic hydrothermal system, the firm highlighted.

"We have documented previously that there are several small gold and polymetallic historical workings on the White Mountains tenement. In addition, just to the west, there are several drilled gold prospects, the notable one being Granite Castle which is an advanced exploration play with a JORC gold resource currently being assessed by Mantle Mining," said Wishbone.

Future exploration at the  Edwards antimony-goldarsenic structure will focus on the extent of the outcropping and buried Au-Sb mineralised veining along the trend of exploration surrounding the property and the firm aims to delineate drill targets for the current year, it added.

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Tue, 30 Jun 2015 16:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/108560/wishbone-gold-continues-hunt-for-acquisitions-108560.html
<![CDATA[News - Wishbone Gold to fund portfolio expansion through new share agreement ]]> http://www.proactiveinvestors.co.uk/companies/news/53268/wishbone-gold-to-fund-portfolio-expansion-through-new-share-agreement--63232.html Precious metals firm Wishbone Gold’s (LON:WSBN) aims to advance its portfolio aided by a new strategic investor.

On Thursday, the firm, which has two  gold concessions in Australia, unveiled a share exchange agreement with Global Resources Investments Ltd, which is currently going through the listing process ahead of trading on the main market of the LSE under the name Global Resources Investment Trust (GRIT).

Under the Agreement, Wishbone will exchange over 45.7 mln shares at around 2.25p each (around £1mln), representing around 20% of Wishbone’s enlarged share capital.

Wishbone will receive over 1mln shares in GRIT, when it lists, at a price of £1 per share (around £1.0mln) that will be subject to a six month orderly market provision.

Wishbone will be able to dispose of the GRIT shares to raise working capital.

Executive chairman of Wishbone, Richard Poulden said: "Since Wishbone Gold's listing on AIM last year, I have been outspoken in my belief in the long term value upside potential inherent in the resource market, particularly in gold and silver explorers and developers. 

"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."

 

He added: "GRIT was founded by a team of high calibre resource investors, who, after holding numerous senior positions in a range of high profile investment companies, has developed a sizable venture capital portfolio in the resource sector."

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Thu, 14 Nov 2013 08:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/53268/wishbone-gold-to-fund-portfolio-expansion-through-new-share-agreement--63232.html
<![CDATA[RNS press release - Conditional Share Exchange Agreement ]]> http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20131114070016_011773730/ Thu, 14 Nov 2013 07:00:16 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3998/LSE20131114070016_011773730/