REG - Wishbone Gold PLC - Reverse Transaction Termination, Corporate Update

Wishbone GoldAnnouncement

19/03/2025 07:15

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RNS Number : 2722B  Wishbone Gold PLC  19 March 2025

 This announcement contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of MAR

 

 

19 March 2025

Wishbone Gold Plc

("Wishbone" or the "Company")

London AIM & Aquis: WSBN

 

Termination of Reverse Transaction, Corporate Update and Continuing Suspension

 

Wishbone Gold's directors advise that further to the announcement by the
Company on 23rd January 2025 concerning a possible reverse takeover through
the acquisition by Wishbone of Evrensel Global Natural Resources Ltd ("EGNR")
the Company reports that EGNR and Wishbone have agreed that it is not in the
best interests of both parties to proceed with the transaction and accordingly
the proposed merger will not proceed. Pursuant to this Anthony Moore has
resigned from the board of Wishbone.

 

In addition, and in order to strengthen the management team, David Lenigas has
agreed to join Wishbone as a consultant. He has extensive experience of the
natural resources sector and brings deep sector expertise and understanding to
the Company. Richard Poulden has resumed his role as Chairman.

 

It is anticipated that trading in the shares will resume when the Company is
in a position to release a further announcement regarding a financing which
the Company is in the process of arranging. As the Company currently has
limited capital available to it, a financing of £500,000 is required to pay
for the liabilities in Western Australia referred to below of approximately
£190,000, as well as for general costs and expenses for the remainder of the
year.

 

With the current gold price at near record highs and with Wishbone holding a
sizeable portfolio of highly prospective gold licences in Australia, there is
a considerably increased appetite for gold tenement investments. Accordingly,
the Board considered that it was no longer in the best interests of the
Company to pursue the potential reverse transaction and instead has decided to
seek to rebuild and expand on its Australian gold strategy.

 

In addition, during the last six weeks, the Company has completed the major
restructuring referred to in the announcement of 23 January 2025 of one of its
operating exploration subsidiaries in Australia, Wishbone Gold WA Pty Ltd,
resulting in a very welcome reduction in its overall liabilities from
£600,000 down to only circa £190,000 which can be paid down over the next
six months. The is being done by a Deed of Company Arrangement under the
Australian Corporations Act 2001, which is in the process of being finalised.
When following the intended financing it is in a position to pay the aforesaid
figure, the Company will retain full ownership of all exploration properties
held by Wishbone Gold WA Pty Ltd.

 

Going forward in the short term, exploration in Western Australia will be
focused on the Company's tenements near the world class Telfer gold mine,
which is now owned by Greatland Gold Plc, and on its other gold projects in
Western Australia.

 

Accordingly, the Company's Shares remain suspended from trading on AIM and
Aquis until it is able to announce details of its financing and thus clarify
its current financial position and ensure it has working capital available for
the remainder of the year..

 

Richard Poulden, Chairman of Wishbone, commented: "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. 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.

 

"The board is firmly of the view that our assets are worth more now than when
the Company suspended trading of its shares. As such we will reappraise how we
explore, execute and accelerate our monetisation strategies for our current
assets and seek out new ventures in the gold sector.

 

"I'm also very pleased to have David Lenigas join the Company. He has
extensive corporate experience and in-depth understanding of the natural
resources sector. We are now working with our advisers to get the Company's
shares trading again on AIM and Aquis and I look forward to updating the
market on the timing for this very soon."

 

 

For more information on Wishbone, please visit the Company's website.

www.wishbonegold.com (http://www.wishbonegold.com) .

 

END

For further information, please contact:

 Wishbone Gold PLC

 Richard Poulden, Chairman                                 Tel: +971 4 584 6284

 Beaumont Cornish Limited
 (Nominated Adviser and AQUIS Exchange Corporate Adviser)
 Roland Cornish/Rosalind Hill Abrahams                     Tel: +44 20 7628 3396

 Tavira Financial Limited
 (Broker)
 Chris Kipling                                             Tel: +44 20 3833 3742

 Soho Communications Ltd
 (Financial PR)
 George Hudson                                             Tel: +44 78 0360 3130

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

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