Source - RNS
RNS Number : 3116J
Wishbone Gold PLC
08 September 2016
 

 

 

8 September 2016

 

Wishbone Gold Plc

Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources
Wishbone Gold PLC ("Wishbone Gold" or the "Company")
 

Interim Results and Trading Update

 

Interim Results

 

Wishbone Gold Plc (the Company) has pleasure in announcing the interim results for the group to 30th June 2016. We remind shareholders that these are unaudited and based only on management accounts. The highlights are set out below.

 

These results include Precious Metals International Ltd and Black Sand FZE for the first time from the acquisition date of 4th February 2016.

 

The Company raised funding for the gold trading to commence at the beginning of June, therefore no gold trading results are included in these results.

 

Trading Update

 

Black Sand FZE has now signed supply agreements with companies in Peru, Ghana, Chile and Colombia. It normally takes around three to four months to integrate a company into the supply chain because gold trading is a highly regulated business and in the Wishbone group we are insistent that the entire supply chain complies with OECD guidelines on precious metals trading.

 

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. In addition the Company has contracts under negotiation for further suppliers in the above and other countries.

 

Proactive Investors One2One Presentation

 

Chairman and CEO, Richard Poulden will be presenting at the Proactive Investors One2One Forum at 1900 on the 8th September at the Chesterfield Hotel, Mayfair, London.

 

ENDS

 

For further information, please contact:

 

Wishbone Gold Plc

Richard Poulden, Chairman and CEO                              Tel: +44 207 812 0645

                                                                                                                               

Allenby Capital

Nick Naylor / Nick Harriss / James Thomas     Tel: +44 20 3328 5656

 

Damson Communications

Abigail Stuart-Menteth / Amelia Hubert                         Tel: +44 207 812 0645

 

 

 

 

Wishbone Gold PLC












 

Consolidated Income Statement












 

for the period from 1 January 2016 to
30 June 2016














Unaudited Six Months Ended 30 June 2016


Unaudited Six Months Ended 30 June 2015


Audited
Year Ended
31 December 2015


 


$


$


$


 








 

Abortive acquisition costs

-


(97,997)


(195,775)


 

Administrative expenses

(167,762)


(361,600)


(622,659)


 









 

Operating loss

(167,762)


(459,597)


(818,434)

 

Impairment of investments

(29,046)


-


(272,450)


 

Foreign exchange gain

31,429


-


-


 

Finance cost

(19,868)


(10,401)


(29,227)


 









 

Loss on ordinary activities before taxation

(185,247)


(469,998)


(1,120,111)

 

Tax on loss on ordinary activities

-


-


-


 









 

Loss for the financial year

(185,247)


(469,998)


(1,120,111)


 









 

 

 

 

 


Wishbone Gold PLC

 

Consolidated Statement of Financial Position

 

as at 30 June 2016


 


 


Unaudited Six Months Ended 30 June 2016


Unaudited Six Months Ended 30 June 2015


Audited
Year Ended
31 December 2015


$


$


$

Current assets






Trade and other receivables

218,376


36,821


16,677

Cash and cash equivalents

417,874


108,134


263,741


636,250


144,955


280,418

Non-current assets






Intangible assets

421,994


406,901


404,409

Investments

82,381


384,537


91,152


504,375


791,438


495,331

Total assets






1,140,625


936,393


775,749

Current liabilities

375,896


1,508,294


200,661

Capital and reserves






Share capital

1,128,351


419,146


1,128,351

Share premium

4,569,658


3,671,758


4,569,658

Share based payment reserve

70,165


74,205


70,165

Accumulated losses

(5,496,684)


(4,661,324


(5,311,437)

Foreign exchange reserve

93,239


(75,686)


118,351

Total equity and liabilities

1,140,625


936,393


775,749

 

 

 

 


 

Wishbone Gold PLC








Consolidated Statement of Cash Flows








for the period from 1 January 2016 to
30 June 2016









Unaudited Six Months Ended 30 June 2016


Unaudited Six Months Ended 30 June 2015


Audited
Year Ended
31 December 2015

 


$


$


$

 

Cash flows from operating activities






 

Loss before tax

(185,247)


(459,597)


(1,120,111)

 

Reconciliation to cash generated from operations:






 

Foreign exchange (gain)/loss

(31,429)


-


22,125

 

Interest expense

29,046


-


29,227

 

Impairment losses

-


-


272,450

 

Administrative expenses converted into ordinary shares

-


-


1,209,625

 

Operating cash flow before changes in working capital

(187,630)


(459,597)


(413,316)

 

Decrease/(increase) in receivables

(201,699)


(8,210)


11,934

 

Increase/(decrease) in payables

175,235


(55,253)


(816,781)

 

Cash outflow from operations

(214,094)


(523,060)


(391,531)

 

Cash flows from investing activities






 

Decrease in Investments

8,771


-


-

 

(Increase)/Decrease in Intangible Assets

(17,815)


2,508


-

 

(Income) on exploration activities

-


-


(1,170)

 

Net cash flow from investing activities

(9,044)


2,508


(1,170)

 

Cash flows from financing activities






 

Proceeds of loan from Sanderson Capital Partners Limited

400,000


-


-

 

Interest paid

-


(10,401)


-

 

Issue of shares for cash

-


-


368,253

 

(Decrease)/Increase in borrowings

-


313,080


(233,025)

 

Net cash flow from financing activities

400,000


302,679


135,288

 







 

Effects of exchange rates on cash and cash equivalents

(22,729)


22,217


216,254

 

Net increase/(decrease) in cash

154,133


(195,656)


(40,049)

 

Cash at bank at 1 January

263,741


303,790


303,790

 

Cash at bank 30 June 2016

417,874


108,134


263,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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