Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) has announced a strategic u-turn and Richard Poulden has again become chairman.
The junior gold explorer has axed a previously announced reverse takeover of Evrensel Global Natural Resources Ltd – that would’ve brought in new management and given 70% of the new entity to the acquiree.
It was also envisaged that, post-RTO, the new company would divest assets or close subsidiaries of Wishbone.
Instead, the company now intends to source £500,000 of funding and refocus on tenements held by Wishbone that neighbour Greatland Gold’s Tefler mine.
Anthony Moore, who was Wishbone chair, has exited the company and former chair Richard Poulden has retaken his seat, having been deputy chair since November. At the same time, David Lenigas has been hired by the company as a consultant.
"It was the wrong time for us to consider an RTO and instead we will be repositioning and redirecting our exploration initiatives on our gold assets in Western Australia and Queensland,” Poulden said in a statement.
“The gold price is at near all-time-highs and our existing gold assets have been given a new lease of life, especially Red Setter which neighbours Greatland's Telfer Southwest mine - this has changed the dynamics and interest in the area.”
Poulden added that the board believes that Wishbone’s assets are now worth more now than when the company’s shares were suspended.
The company is now working to have its shares trading again on both AIM and Aquis.