Business
Reverse Transaction Termination, Corporate Update
Reverse Transaction Termination, Corporate Update.
About this update from Wishbone Gold Plc
[{"type":"text","content":"\n\n 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\n \n \n\n19 March 2025\nWishbone Gold Plc\n(\"Wishbone\" or the \"Company\")\nLondon AIM & Aquis: WSBN\n \nTermination of Reverse Transaction, Corporate Update and Continuing Suspension\n \nWishbone 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.\n \nIn 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.\n \nIt 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.\n \nWith 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.\n \nIn addition, during the last six weeks, the Company has completed the major restructuring referred to in ...