Interim Accounts and Trading Update

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 30^th 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 4^th 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: [phone]

Allenby Capital

Nick Naylor / Nick Harriss / James Thomas     Tel: [phone]

Damson Communications

Abigail Stuart-Menteth / Amelia Hubert                         Tel: [phone]

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

 

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