Australia-focused minerals explorer Wishbone Gold has joined Aim as part of its plans to develop its projects and become a consolidator of other gold projects.
Gibraltar-registered Wishbone raised £515,000 through a placing at 2p a share. City Equities bought 7.5m shares in the placing in June and has sold all but 387,500 of these shares. A further £40,000 was raised through a convertible loan note issue. The net proceeds will be £450,000.
Former Sirius Minerals boss Richard Poulden has set up the company along with a number of former colleagues.
Wishbone owns 100% of two gold projects in Queensland: Wishbone II and White Mountain. An application has been submitted for a third tenement and Wishbone also wants to be a consolidator of gold prospects in the region. The cash raised will go towards exploration of the existing projects.
At the first day’s closing price of 2.5p a share, Wishbone is valued at £4.3m.
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