Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Wishbone Gold Plc LSE:WSBN London Ordinary Share GI000A2PX455 ORD 0.1P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.85 -11.04% 6.85 6.70 7.00 7.85 6.85 7.85 2,468,152 13:07:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 6.1 -0.7 -0.1 - 8

Wishbone Gold PLC Interim Results

16/10/2020 7:00am

UK Regulatory (RNS & others)


Wishbone Gold (LSE:WSBN)
Historical Stock Chart


From Sep 2020 to Oct 2020

Click Here for more Wishbone Gold Charts.

TIDMWSBN

RNS Number : 2444C

Wishbone Gold PLC

16 October 2020

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR")

16 October 2020

Wishbone Gold Plc

("Wishbone" or the "Company")

Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources / AQSE: WSBN

Interim Results

Chairman's statement

Wishbone Gold has pleasure in announcing its interim results for the period ended 30 June 2020. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.

The six months ended 30 June 2020 saw total sales of US$3.637m, showing a decrease over the same period last year (2019: US$6.562m). As previously announced this trading all took place prior to the COVID-19 lock down and the grounding of Emirates Airlines in March of this year.

On 10 January 2020, the Company passed resolutions at an EGM to consolidate the Company's shares into 28,458,790 shares consisting of 28,458,790 deferred shares and 28,458,790 new ordinary shares. The new ordinary shares were admitted to trading on AIM and AQSE on 21 January 2020. Under the terms of the resolution, the Company acquired the deferred shares on 17 February 2020 and these were returned to authorised but unissued capital.

Given the situation in the trading markets and the uncertainty of the outcome of the COVID-19 crisis the Company reviewed its strategy during the first half of 2020. We concluded that Wishbone should refocus on our exploration properties as our primary activity. This decision was based in part on their location in Australia as against our primary trading markets of Africa. We see Australia as more secure source of physical gold in the future with the uncertainty of COVID 19 continuing to have an influence in the coming years.

On 2 June 2020, the Company appointed Peterhouse Capital Limited as brokers. On the same day, we raised GBP856,702 consisting of GBP300,000 in cash and GBP556,702 in debt and creditor conversions into equity. This was raised at 1.35p per share.

On 20 August 2020, the Company raised GBP400,000 specifically to focus on expansion of our exploration programs in Australia. This fund raising was at 2p and was accompanied by warrants at 3p issued on a 1 for 2 basis.

On 24 September 2020, the Company announced that 94% of the warrants had been exercised thus raising a further GBP283,200 at 3p per share.

The net effect of this restructuring and funding has been to leave the Company in a strong position to complete its exploration programs and with cash to pursue additional expansion.

During the period cash increased by US$0.145m leaving a balance of US $0.163m as at 30 June 2020 (30 June 2019: US$0.036m). Taking account of the restructuring and fundraising set out above, on 30 September 2020 the company's net cash was US$0.849m. Net assets at 30 June 2020 were US$0.89m (30 June 2019 (US$2.13m)). Again, looking at the position on 30 September 2020 net assets were US$1.582m showing the strengthening of the balance sheet post the period.

On 5 October 2020 we announced the acquisition of an option on three properties in the Haveiron/Telfer area of Western Australia. We have 45 days from that date to exercise the option. This is a very exciting region for exploration at the moment. The Haveiron discovery led to a re-rating of the area and a realisation that there may well be large undiscovered resources remaining. All the initial indications from our due diligence so far are extremely good.

We will update the market as soon as further news is available.

For further information, please contact:

 
 Wishbone Gold PLC 
 Richard Poulden, Chairman               Tel: +971 45 846 
                                          284 
 
 Beaumont Cornish Limited 
 (Nominated Adviser and AQUIS Exchange 
  Corporate Adviser) 
 Roland Cornish/Rosalind Hill Abrahams   Tel: +44 20 7628 
                                          3396 
 
 Peterhouse Capital Limited 
 (Broker) 
 Lucy Williams and Duncan Vasey          Tel: +44 20 7469 
                                          0930 
 
 
 Wishbone Gold PLC 
 
 Consolidated Income Statement 
 for the period 1 January 2020 to 
 30 June 2020 
 
 
                                        Unaudited                        Unaudited    Audited Year Ended 31 December 
                                       Six Months    Six Months Ended 30 June 2019                              2019 
                                         Ended 30 
                                        June 2020 
                                              US$                              US$                               US$ 
 
 Sales                                  3,637,299                        6,562,093                        10,760,770 
 
 Cost of sales                        (3,626,893)                      (6,530,233)                      (10,705,008) 
 
 Gross profit                              10,406                           31,860                            55,762 
 
 Administration expenses                (355,264)                        (555,687)                         (939,352) 
                                    -------------  -------------------------------  -------------------------------- 
 
 Operating loss                         (344,858)                        (523,827)                         (883,590) 
 
 Write-off of bad debts                         -                                -                         (598,844) 
 Gain on Settlement of Liabilities              -                                -                            64,980 
 Impairment of goodwill                         -                                -                         (561,463) 
 Impairment of property, plant and 
  equipment                                     -                                -                         (150,000) 
 Foreign exchange gains/(loss)             14,305                          (3,315)                           (9,539) 
 Finance costs                            (9,177)                         (10,595)                          (21,093) 
 
 Loss on ordinary activities 
  before taxation                       (339,730)                        (537,737)                       (2,159,549) 
 
 Tax on loss                                    -                                -                                 - 
 
 Loss for the financial year            (339,730)                        (537,737)                       (2,159,549) 
                                    -------------  -------------------------------  -------------------------------- 
 
 
 Wishbone Gold PLC 
 
 Consolidated Statement of 
 Financial Position 
 as at 30 June 2020 
 
                                             Unaudited                      Unaudited          Audited Year Ended 31 
                                   Six Months Ended 30       Six Months Ended 30 June                  December 2019 
                                             June 2020                           2019 
                                                   US$                            US$                            US$ 
 
 Current assets 
 Trade and other receivables                   127,014                        555,936                        117,831 
 Loans                                               -                        199,864                              - 
 Cash and cash equivalents                     162,539                         36,271                         17,179 
 
 
                                               289,553                        792,071                        135,010 
                                 ---------------------  -----------------------------  ----------------------------- 
 
 Non-current assets 
 Property, plant and equipment 
  - net                                         23,125                        193,750                         25,000 
 Goodwill                                      187,154                        748,617                        187,154 
 Other intangible assets                       388,893                        393,874                        388,169 
 Loans                                               -                              -                              - 
 
                                               599,172                      1,336,241                        600,323 
                                 ---------------------  -----------------------------  ----------------------------- 
 
 Total assets                                  888,725                      2,128,312                        735,333 
                                 =====================  =============================  ============================= 
 
 Current liabilities                           103,390                        555,407                        669,590 
 
 Equity 
 Share capital                               3,855,274                      3,791,823                      3,776,911 
 Share premium                               8,285,046                      7,370,895                      7,306,550 
 Share based payment reserve                         -                         64,355                              - 
 Accumulated losses                       (11,145,991)                    (9,610,478)                   (10,806,261) 
 Foreign exchange reserve                    (208,994)                       (43,690)                      (211,457) 
 
 Total equity and liabilities                  888,725                      2,128,312                        735,333 
                                 =====================  =============================  ============================= 
 
 
 Wishbone Gold PLC 
 
 Consolidated Statement of 
 Cash Flows 
 for the period from 1 January 
 2020 to 30 June 2020 
 
                                             Unaudited                      Unaudited          Audited Year Ended 31 
                                   Six Months Ended 30       Six Months Ended 30 June                  December 2019 
                                             June 2020                           2019 
                                                   US$                            US$                            US$ 
 Cash flows from operating 
 activities 
 Loss before tax                             (339,730)                      (537,737)                    (2,159,549) 
 Reconciliation to cash 
 generated from operations: 
      Foreign exchange 
       (gain)/loss                            (14,305)                          3,315                          9,539 
      Interest expense                           9,177                         10,595                         21,093 
      Impairment of goodwill                         -                              -                        561,463 
      Impairment of property, 
       plant and equipment                           -                              -                        150,000 
      Write-off of bad debts                         -                              -                        598,844 
      Write-off of receivables                       -                              -                        126,279 
      Loan converted into                      215,295                              -                              - 
      ordinary shares 
      Depreciation                               1,875                         18,750                         37,500 
      Administrative expenses                  479,181                              -                              - 
      converted into ordinary 
      shares 
      Gain on settlement of 
       liabilities                                   -                              -                       (64,980) 
      Operating cash flow 
       before changes in 
       working capital                         351,493                      (505,077)                      (719,811) 
                                 ---------------------  -----------------------------  ----------------------------- 
      Decrease/(increase) in                         -                              -                              - 
      inventory 
      Decrease/(increase) in 
       receivables                             (9,183)                         27,898                         81,054 
      Increase/(decrease) in 
       payables                              (566,200)                      (307,769)                        107,722 
 Cash outflow from operations                (223,890)                      (784,948)                      (531,035) 
                                 ---------------------  -----------------------------  ----------------------------- 
 
 Cash flows from investing 
 activities 
 Additions of intangible assets                      -                              -                       (16,246) 
 (Increase)/Decrease in Assets                   (724)                       (21,951)                              - 
 Net cash flow from investing 
  activities                                     (724)                       (21,951)                       (16,246) 
                                 ---------------------  -----------------------------  ----------------------------- 
 
 Cash flows from financing 
 activities 
 (Decrease)/Increase in loans 
  payable                                        9,177                       (10,595)                              - 
 Issue of shares for cash                      362,383                        983,325                        500,680 
 Net cash flow from financing 
  activities                                   371,560                        972,730                        500,680 
                                 ---------------------  -----------------------------  ----------------------------- 
 
 Effects of exchange rates on 
  cash and cash equivalents                    (1,586)                      (153,988)                         39,352 
 
 Net increase/(decrease) in 
  cash                                         145,360                         11,843                        (7,249) 
 Cash at bank at 1 Jan                          17,179                         24,428                         24,428 
 Cash at bank at period end                    162,539                         36,271                         17,179 
                                 ---------------------  -----------------------------  ----------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR KKPBQNBDDNKD

(END) Dow Jones Newswires

October 16, 2020 02:00 ET (06:00 GMT)

1 Year Wishbone Gold Chart

1 Year Wishbone Gold Chart

1 Month Wishbone Gold Chart

1 Month Wishbone Gold Chart
ADVFN Advertorial
Your Recent History
LSE
WSBN
Wishbone G..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20201022 12:46:52