TIDMWSBN
RNS Number : 6512O
Wishbone Gold PLC
02 June 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")
2 June 2020
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Placing of New Ordinary Shares,
Conversion of Loans, Conversion of Directors and Management Fees
to Shares
Appointment of Broker
And
Total Voting Rights
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), the precious metals
trading and exploration company has issued and allotted on Friday,
29 May 2020, a total of 63,459,420 new ordinary shares of 0.1 pence
each (the "Ordinary Shares") at a price of 1.35 pence per share as
agreed by the Board on 22 May 2020 (the "Issue"). The Issue price
of 1.35p represents a 7% per cent. discount to the latest closing
price on AIM of 1.45p as at 29 May 2020.
The breakdown of the issue of Ordinary Shares is as follows:
1. 22,222,221 Ordinary Shares for the raising of GBP300,000
(before expenses) through a placing via Peterhouse Capital Limited
("Peterhouse"). Peterhouse has been appointed as Broker to the
Company with immediate effect. GBP100,000 of this placing was
subscribed by Black Swan FZE for 7,407,407 Ordinary Shares.
2. 13,014,002 Ordinary Shares is issued to settle the Directors
and Management Fees of GBP175,689.02.
3. 28,223,197 Ordinary Shares for the conversion of the
outstanding loans with Sanderson Capital Partners Limited
("Sanderson") and Black Swan FZE (receiving 8,638,686 Ordinary
Shares) and to discharge sundry other creditors. This results in
the conversion of GBP292,889.61 for both loans and GBP88,123.55 for
other creditors.
This restructuring leaves the company with no significant
liabilities and sufficient cash to continue operations for the
foreseeable future. COVID-19 has had a severe impact on the
physical gold trade, particularly in Dubai where the grounding of
Emirates Airlines cut off the supply of gold from Africa and South
America. This has led to shortages of physical gold worldwide due
to the major position held by Dubai in physical trading. Although
Emirates is now flying again on some routes this is a fraction of
its previous capacity.
Accordingly, the Company has taken this opportunity to raise
funds in difficult times to be in a position to take advantage of
opportunities in the market as they arise.
The Directors and associated parties have participated in the
issue as follows:
Holder Current New Ordinary Holding following
Holding Shares being admission of New
Number issued Ordinary Shares
---------------------- ---------- --------------------
Number %
---------------------- ---------- -------------- ------------- -----
Richard Poulden(1) 1,809,442 5,903,448 7,712,890 8.4
---------- -------------- ------------- -----
Jonathan Harrison(2) 430,007 1,544,775 1,974,782 2.1
---------- -------------- ------------- -----
Michael Mainelli(3) 311,901 1,543,200 1,855,101 2.0
---------- -------------- ------------- -----
Barrett Kosh(4) 1,195,000 4,022,579 5,217,579 5.7
---------- -------------- ------------- -----
Black Swan FZE 3,715,438 16,046,093 19,761,531 21.5
---------- -------------- ------------- -----
Notes:
When the placing is complete the directors and related parties
will be interested in the following shares:
1.) Richard Poulden is deemed to be interested in 7,712,890
Ordinary Shares held in his own name and in trusts for the benefit
of his family.
He is also deemed to be interested in 20,086,581 shares held by
the Black Swan Group of which he is Chairman.
2.) Jonathan Harrison is deemed to be interested in 1,974,782
Ordinary Shares referred to above as follows:
a) 50,928 Ordinary Shares held in his own name; and
b) 1,923,854 Ordinary Shares held by Easy Business Consulting
Ltd, a company controlled by Jonathan Harrison and owned by
Jonathan Harrison and his wife.
3.) 1,855,101 Ordinary Shares are held by Fairway Trust Limited.
These shares are held for The Z/ Yen Employee Benefits Trust.
Michael Mainelli is a director of Z/Yen Group Limited and a
potential beneficiary of The Z/Yen Group Employee Benefits
Trust.
4.) Barrett Kosh is deemed to be interested in 5,217,579
Ordinary Shares referred to above as follows:
a) 4,022,579 Ordinary Shares held in his own name; and
b) 1,195,000 Ordinary Shares held by Solent Nominees Limited, an
independent Gibraltar based nominee company.
The issue of shares to Directors and associated parties as set
out above constitutes a related Party Transaction under the AIM
Rules. Accordingly, Alan Gravett as independent director considers,
having consulted the Nominated Adviser, that the terms of the
transaction with the Related Parties are fair and reasonable in so
far as the Company's Shareholders are concerned. Application will
be made for the new Ordinary Shares, which will rank pari passu
with the existing Ordinary Shares in issue, to be admitted to
trading on AIM and the AQSE Growth Market ("Admission"). Dealings
are expected to commence on 8 June 2020 and the issue is subject
only to Admission.
The Company's total issued and voting share capital upon
admission of the new Ordinary Shares will consist of 91,918,210
Ordinary Shares. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, securities of the Company.
For more information on Wishbone please visit the Company's
website www.wishbonegold.com .
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
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as per 2 June 2020 announcement.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Richard Poulden
----------------------------- ----------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Chairman & Chief Executive Officer
----------------------------- ----------------------------------------------
b) Initial notification/ Amendment to prior notification
Amendment
----------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Wishbone Gold Plc
----------------------------- ----------------------------------------------
b) LEI 2138004613I4SZQHSV87
----------------------------- ----------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-----------------------------------------------------------------------------
a) Description of the financial Ordinary Shares of 0.1 pence
instrument, type of GI000A2PX455
instrument
Identification code
----------------------------- ----------------------------------------------
b) Nature of the transaction Conversion of director fees into shares,
Conversion of Loan into shares, Subscription
of shares,
----------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.0135 5,903,448
GBP0.0135 8,638,686
GBP0.0135 7,407,407
----------
----------------------------- ----------------------------------------------
d) Aggregated information
Aggregated volume 21,949,541
Price GBP0.0135
----------------------------- ----------------------------------------------
e) Date of the transaction 1 June 2020
----------------------------- ----------------------------------------------
f) Place of the transaction London Stock Exchange
----------------------------- ----------------------------------------------
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as as per 2 June 2020 announcement.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Michael Mainelli
----------------------------- ----------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------------- ----------------------------------------
b) Initial notification/ Initial notification
Amendment
----------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Wishbone Gold Plc
----------------------------- ----------------------------------------
b) LEI 2138004613I4SZQHSV87
----------------------------- ----------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-----------------------------------------------------------------------
a) Description of the financial Ordinary Shares of 0.1 pence
instrument, type of
instrument GI000A2PX455
Identification code
----------------------------- ----------------------------------------
b) Nature of the transaction Conversion of director fees into shares
----------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.0135 1,543,200
----------
----------------------------- ----------------------------------------
d) Aggregated information
Aggregated volume 1,543,200
Price GBP0.0135
----------------------------- ----------------------------------------
e) Date of the transaction 1 June 2020
----------------------------- ----------------------------------------
f) Place of the transaction London Stock Exchange
----------------------------- ----------------------------------------
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as per 2 June 2020 announcement.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Jonathan Harrison
----------------------------- -----------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------------- -----------------------------------------
b) Initial notification/ Initial notification
Amendment
----------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Wishbone Gold Plc
----------------------------- -----------------------------------------
b) LEI 2138004613I4SZQHSV87
----------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------------------------------------------------------------------------
a) Description of the financial Ordinary Shares of 0.1 pence
instrument, type of
instrument GI000A2PX455
Identification code
----------------------------- -----------------------------------------
b) Nature of the transaction Conversion of director fees and expenses
into shares
----------------------------- -----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.0135 1,544,775
----------
----------------------------- -----------------------------------------
d) Aggregated information
Aggregated volume 1,544,775
Price GBP0.0135
----------------------------- -----------------------------------------
e) Date of the transaction 1 June 2020
----------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange
----------------------------- -----------------------------------------
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulations, provides further detail in
respect of the transaction as per 2 June 2020 announcement.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Barrett Kosh
----------------------------- ----------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chief Executive Officer of a subsidiary
----------------------------- ----------------------------------------
b) Initial notification/ Initial notification
Amendment
----------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Wishbone Gold Plc
----------------------------- ----------------------------------------
b) LEI 2138004613I4SZQHSV87
----------------------------- ----------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-----------------------------------------------------------------------
a) Description of the financial Ordinary Shares of 0.1 pence
instrument, type of
instrument GI000A2PX455
Identification code
----------------------------- ----------------------------------------
b) Nature of the transaction Conversion of fees and expenses into
shares
----------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.0135 4,022,579
----------
----------------------------- ----------------------------------------
d) Aggregated information
Aggregated volume 4,022,579
Price GBP0.0135
----------------------------- ----------------------------------------
e) Date of the transaction 1 June 2020
----------------------------- ----------------------------------------
f) Place of the transaction London Stock Exchange
----------------------------- ----------------------------------------
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.
END
IOESSFSIEESSEIM
(END) Dow Jones Newswires
June 02, 2020 02:00 ET (06:00 GMT)
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