LONDON, UNITED KINGDOM -- (Marketwired) -- 08/28/15 -- Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources
Wishbone Gold Plc (AIM: WSBN) ("Wishbone Gold" or the Company"), the AIM listed exploration and acquisition company focused on identifying and developing precious metal related acquisitions, is pleased to announce its interim results for the six month period from 1 January 2015 to 30 June 2015, highlights of which are set out below.
Consolidated Income Statement
for the half year from 1 January 2015 to 30 June 2015
Unaudited Unaudited
Six Six Audited
months ended months ended Year ended
30 June 30 June 31 December
Notes 2015 2014 2014
US$ US$ US$
Abortive acquisition costs (97,997) (185,636) (831,915)
Administrative expenses 2 (361,600) (366,953) (663,083)
------------ ------------ ------------
Operating loss (459,597) (552,589) (1,494,998)
Impairment of investments 5 - (549,645) (1,086,395)
Finance costs (10,401) (5,480) (10,002)
------------ ------------ ------------
Loss on ordinary activities
before taxation (469,998) (1,107,714) (2,591,395)
Income tax expense - - -
------------ ------------ ------------
Loss for the period
attributable to equity holders
of the parent (469,998) (1,107,714) (2,591,395)
------------ ------------ ------------
------------ ------------ ------------
Loss per share:
Basic and diluted (cents) 3 (0.18) (0.49) (1.06)
------------ ------------ ------------
------------ ------------ ------------
Consolidated Statement of Comprehensive Income
for the half year from 1 January 2015 to 30 June 2015
Unaudited Unaudited
Six Six Audited
months ended months ended Year ended
30 June 30 June 31 December
2015 2014 2014
US$ US$ US$
Loss for the period (469,998) (1,107,714) (2,591,395)
------------ ------------ ------------
------------ ------------ ------------
Other comprehensive income
Other comprehensive income that are
reclassified to profit or loss in
subsequent periods:
Exchange differences on translating
foreign operations 22,217 27,301 1,564
------------ ------------ ------------
Other comprehensive income for the
period, net of tax 22,217 27,301 1,564
------------ ------------ ------------
------------ ------------ ------------
Total comprehensive loss for the
period attributable to equity
holders of the parent (447,781) (1,080,413) (2,589,831)
------------ ------------ ------------
------------ ------------ ------------
Consolidated Statement of Financial Position
as at 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
Notes 2015 2014 2014
US$ US$ US$
ASSETS:
Non-current assets
Intangible assets 4 406,901 441,793 409,409
Investments held for resale 5 384,537 981,470 384,537
------------ ------------ ------------
791,438 1,423,263 793,946
------------ ------------ ------------
Current assets
Trade and other receivables 36,821 355,614 28,611
Cash and cash equivalents 108,134 115,604 303,790
------------ ------------ ------------
144,955 471,218 332,401
------------ ------------ ------------
------------ ------------ ------------
Total assets 936,393 1,894,481 1,126,347
------------ ------------ ------------
EQUITY AND LIABILITIES:
Capital and reserves
Share capital 6 419,146 419,146 419,146
Share premium 3,671,758 3,671,758 3,671,758
Share based payments reserve 74,205 74,205 74,205
Foreign exchange reserve (75,686) (72,166) (97,903)
Retained earnings (4,661,324) (2,707,645) (4,191,326)
------------ ------------ ------------
Total equity (571,901) 1,385,298 (124,120)
------------ ------------ ------------
Current liabilities
Borrowings 546,105 - 233,025
Trade payables 962,189 509,183 1,017,442
------------ ------------ ------------
1,508,294 509,183 1,250,467
------------ ------------ ------------
------------ ------------ ------------
Total equity and liabilities 936,393 1,894,481 1,126,347
------------ ------------ ------------
Consolidated Statement of Changes in Equity
for the half year from 1 January 2015 to 30 June 2015
Share Based
Share Share Payments
Capital US$ Premium US$ Reserve US$
Balance at 1 January 2015 419,146 3,671,758 74,205
Shares/options issued during the
period - - -
Retained loss for the period - - -
Foreign exchange differences on
translation - - -
------------ -------------------------
Balance at 30 June 2015 419,146 3,671,758 74,205
------------ -------------------------
Share Based
Share Share Payments
Capital Premium Reserve
US$ US$ US$
Balance at 1 January 2014 286,351 1,535,399 29,449
Shares issued during the period 132,795 2,136,359 44,756
Retained loss for the period - - -
Foreign exchange differences on
translation - - -
------------ -------------------------
Balance at 30 June 2014 419,146 3,671,758 74,205
------------ -------------------------
Share Based
Share Share Payments
Capital Premium Reserve
US$ US$ US$
Balance at 1 January 2014 286,351 1,535,399 29,449
Shares/options issued during
the period 132,795 2,136,359 44,756
Retained loss for the period - - -
Foreign exchange differences on
translation - - -
------------ -------------------------
Balance at 31 December 2014 419,146 3,671,758 74,205
------------ -------------------------
Consolidated Statement of Changes in Equity
for the half year from 1 January 2015 to 30 June 2015
Foreign
Exchange Retained Total Equity
Reserve US$ Earnings US$ US$
Balance at 1 January 2015 (97,903) (4,191,326) (124,120)
Shares/options issued during the
period - - -
Retained loss for the period - (469,998) (469,998)
Foreign exchange differences on
translation 22,217 - 22,217
------------- ------------ -------------
Balance at 30 June 2015 (75,686) (4,661,324) (571,901)
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Foreign
Exchange Retained Total
Reserve Earnings Equity
US$ US$ US$
Balance at 1 January 2014 (99,467) (1,599,931) 151,801
Shares issued during the period - - 2,313,910
Retained loss for the period - (1,107,714) (1,107,714)
Foreign exchange differences on
translation 27,301 - 27,301
------------- ------------ -------------
Balance at 30 June 2014 (72,166) (2,707,645) 1,385,298
------------- ------------ -------------
Foreign
Exchange Retained Total
Reserve Earnings Equity
US$ US$ US$
Balance at 1 January 2014 (99,467) (1,599,931) 151,801
Shares/options issued during
the period - - 2,313,910
Retained loss for the period - (2,591,395) (2,591,395)
Foreign exchange differences on
translation 1,564 - 1,564
------------- ------------ -------------
Balance at 31 December 2014 (97,903) (4,191,326) (124,120)
------------- ------------ -------------
Foreign exchange reserve records exchanges differences, which arise on translation of foreign operations with a functional currency other than US Dollars; principally Pounds Sterling and Australian Dollars
Consolidated Statement of Cash Flows
For the half year from 1 January 2015 to 30 June 2015
Unaudited Unaudited
Six months Six months Audited
ended 30 ended 30 Year ended
June June 31 December
2015 2014 2014
Note US$ US$ US$
Cash flows from operating
activities
Operating loss (459,597) (552,589) (1,494,998)
Reconciliation to cash
generated from operations:
Foreign exchange gain - - 15,984
Interest expense - - 10,002
Administrative expenses
converted into ordinary
shares - 44,756 44,756
(Increase)/decrease in
receivables (8,210) 23,567 13,744
(Decrease)/increase in
payables (55,253) 240,268 724,836
------------ ------------ ------------
Net cash flow from operating
activities (523,060) (243,998) (685,676)
------------ ------------ ------------
Cash flows from investing
activities
Proceeds from sale of
intangible fixed assets 2,508 - -
Expenditure on exploration
activities - (33,554) (1,170)
------------ ------------ ------------
Net cash flow from investing
activities 2,508 (33,554) (1,170)
------------ ------------ ------------
Cash flows from financing
activities
Interest paid (10,401) (5,480) (10,002)
Issue of shares for cash - 229,935 780,792
Increase in borrowings 313,080 - 83,208
------------ ------------ ------------
Net cash flow from financing
activities 302,679 224,455 853,998
------------ ------------ ------------
Effects of exchange rates on
cash and cash equivalents 22,217 33,627 1,564
------------ ------------ ------------
Net (decrease)/increase in cash (195,656) (19,470) 168,716
Cash at bank and in hand less
overdrafts at 1 January 303,790 135,074 135,074
------------ ------------ ------------
Cash at bank and in hand less
overdrafts at 30 June 108,134 115,604 303,790
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Notes to the unaudited interim financial information
For the half year from 1 January 2015 to 30 June 2015
1. Basis of preparation
These interim financial statements for the six months ended 30 June 2015 have been prepared in accordance with IAS 34 'Interim financial reporting'. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2014 which have been prepared in accordance with IFRSs as adopted by the European Union.
The operations of Wishbone Gold Plc are not affected by seasonal variations.
The directors do not recommend the payment of a dividend (30 June 2014: US$ Nil).
Non-statutory accounts
The financial information for the six months ended 30 June 2015 set out in this interim report does not
comprise the Group's statutory accounts.
Audited consolidated financial information for the year ended 31 December 2014 has been extracted from the consolidated financial information on the Group for the year then ended. Abridged accounts for the Company have been filed in Gibraltar.
The financial information for the six months ended 30 June 2015 and 30 June 2014 is unaudited.
Segmental Analysis
Management has determined the operating segments by considering the business from both a geographic and product perspective. For management purposes, the Group is currently organised into one operating division; resource evaluation. This division is the business segment for which the Group reports its segment information internally to the Board of Directors. The Group's operations are predominantly in Australia.
2. Administrative expenses
Share options were issued to Clive Hyman, the CFO, on 7 March 2014 over 5 million new ordinary shares in the Company to vest as follows: 2,000,000 immediately on grant, 2,000,000 on 7 March 2015, and 1,000,000 on 7 March 2016. The fair value of the options as at the date of issue was US$ 44,756, which have been recognised within administrative expenses in the consolidated income statement.
3. Loss per share
Unaudited Unaudited Unaudited
Six months Six months Six months
ended 30 ended 30 Year ended
June 2015 June 2015 31 December
US$ US$ US$
Retained loss attributable to
ordinary shareholders (469,998) (1,107,714) (2,591,395)
------------ ------------ ------------
Weighted average number of ordinary
shares 263,051,235 224,132,039 243,387,111
------------ ------------ ------------
Basic profit/earnings per share
(cents) (0.18) (0.49) (1.06)
------------ ------------ ------------
Basic loss per share have been calculated by dividing the net results
attributable to ordinary shareholders by the weighted average number of
shares in issue during the period as disclosed in note 6. There are no
dilutive potential ordinary shares as at 30 June 2015 and 31 December 2014.
4. Intangible assets
Exploration and
evaluation assets
US$
Cost
Balance at 1 January 2014 408,239
Additions 33,554
---------------------
At 30 June 2014 441,793
Additions (32,384)
---------------------
At 31 December 2014 409,409
Disposals (2,508)
---------------------
At 30 June 2015 406,901
---------------------
---------------------
5. Investments held for resale
Unaudited Unaudited Unaudited
Six months Six months Six months
ended 30 ended 30 Year ended
June 2015 June 2015 31 December
US$ US$ US$
As at 1 January 1,531,115 1,531,115 1,531,116
Impairments recognised in the
period (1,146,578) (549,645) (1,086,395)
Foreign exchange losses - - -
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As at end of the period 384,537 981,470 384,537
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Investments held for resale relates to a share for share exchange with Global Resources Investment Trust as disclosed in note 6. During the half year, the directors have recognised an impairment loss of US$ 1,146,578 through the consolidated income statement.
6. Share capital
Unaudited Unaudited Unaudited
Six months Six months Six months
ended 30 ended 30 Year ended
June 2015 June 2015 31 December
US$ US$ US$
Authorised:
1,000,000,000 Ordinary shares of
GBP 0.001 (US$ 0.0016) each 1,600,000 1,600,000 1,600,000
-------------- ------------- -------------
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Unaudited Unaudited Unaudited
Six months Six months Six months
ended 30 ended 30 Year ended
June 2015 June 2015 31 December
US$ US$ US$
Allotted, called up and fully
paid:
263,051,235 ordinary shares of
GBP 0.001 each (30 June
2014:262,551,235; 31 December
2014: 263,051,235) 419,146 419,146 419,146
-------------- -------------- --------------
419,146 419,146 419,146
-------------- -------------- --------------
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On 7 March 2014 the Company issued 45,772,693 ordinary shares in exchange for 1,031,360 ordinary shares in Global Resources Investment Trust at an issue price of GBP 1 per share net of issue costs of US$ 34,450.
The Company announced a conditional Placing and Open offer on 4 April 2014. A total of new issues, including commission shares, of 33,677,181 new ordinary shares were admitted to trading AIM on 28 April
2014 which raised US$ 780,792 net of expenses of US$ 32,682.
On 17 July 2014 the Company approved the conversion of GBP 7,500 of expenses into 500,000 shares at a price of 1.5 p.
On 27 August 2015 the Company announced that it had raised GBP 250,000 (before expenses) through a placing of 100,000,000 new ordinary shares of 0.1p each at a price of 0.25p per ordinary share. The Company has made an application for the new ordinary shares to be admitted to trading on AIM. It is expected that admission will become effective on 11 September 2015.
7. Distribution of the Interim Report
Copies of this announcement may be obtained from the Company Secretary at the registered office: G1 Haven Court, 5 Library Ramp, Gibraltar. In addition, an electronic version will be available on the Company's website - www.wishbonegold.com
Contacts:
Wishbone Gold Plc
Richard Poulden
Executive Chairman
+971 4343 5134
Wishbone Gold Plc
Clive Hyman
Chief Financial Officer
+44 20 7562 7653
+44 78 0263 4163
www.wishbonegold.com
Sanlam Securities UK Limited
Simon Clements/Virginia Bull
+44 20 7628 2200
Beaufort Securities Limited
Elliot Hance
+ 44 20 7382 8300
Damson PR
Abigail Stuart-Menteth
+44 7855 526550
Damson PR
Sandra Spencer
+44 7749 813717
