Wishbone Gold plc, the precious metals and gold trading company announces its final results for the year end 31 December 2017. A summary is set out below and the full Report and Accounts is attached.
http://www.rns-pdf.londonstockexchange.com/rns/6352R_1-2018-6-17.pdf
Financial overview
- Sales nearly doubled to US$8.2m, up from US$4.2m in 2016.
- Administrative costs, excluding interest during the year were reduced to US$801,691 (2016: US$937,070), despite higher levels of activity.
- At the end of the period under review, Wishbone Gold held cash balances totalling US$256,857 (2016: US$1,065,161).
- The Company undertook three financing agreements arranged through RiverFort Global Capital. The first was an investment agreement for up to US$2,000,000, of which US$400,000 was advanced to the Company at an interest rate of 10%pa; the second was a share subscription agreement for GB£800,000. GB£600,000 of the subscription monies was then returned by the Company to a syndicate led by D-Beta One EQ Ltd (“D-Beta”) pursuant to an equity sharing agreement. Simultaneously with the Company renegotiated the loan agreement with Sanderson Capital Partners Ltd to reduce the costs by fixing the interest rate at 10%pa and removing the 0.5% override on all trading done using the facility.
Change of advisers
- In March 2018, Beaufort Securities Plc, was placed into administration by the Financial Conduct Authority and soon after the Company appointed Allenby Capital Limited as its broker.
Listing on NEX Exchange
- On 5th March 2018 the Company listed on NEX Exchange market, whilst retaining trading in its shares on AIM.
Richard Poulden, Chairman and CEO of Wishbone Gold said: “2017 has been a year of continued growth for the Wishbone Group. 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. The geographic spread is beginning to provide some resilience to our trading and, as we complete the reverse integration process, supplying expertise and equipment to artisanal miners, this will serve to lock up the supply chain to a greater extent and improve margins. With this spread of sources of gold over multiple continents we have a solid trading base for the future.”
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