Home / Mining Company News Releases (Unreviewed) / Wishbone Gold Plc: Interim Results for the Six Months Ended 30 June 2015

Wishbone Gold Plc: Interim Results for the Six Months Ended 30 June 2015

LONDON, UNITED KINGDOM–(Marketwired – Aug. 28, 2015) –

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 Capital US$

Share Premium US$

Share Based Payments Reserve US$ Foreign Exchange Reserve US$

Retained Earnings US$

Total Equity US$

Balance at 1 January 2015 419,146 3,671,758 74,205 (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 419,146 3,671,758 74,205 (75,686) (4,661,324) (571,901)
Share Based Foreign
Share Share Payments Exchange Retained Total
Capital Premium Reserve Reserve Earnings Equity
US$ US$ US$ US$ US$ US$
Balance at 1 January 2014 286,351 1,535,399 29,449 (99,467) (1,599,931) 151,801
Shares issued during the period 132,795 2,136,359 44,756 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 419,146 3,671,758 74,205 (72,166) (2,707,645) 1,385,298
Share Based Foreign
Share Share Payments Exchange Retained Total
Capital Premium Reserve Reserve Earnings Equity
US$ US$ US$ US$ US$ US$
Balance at 1 January 2014 286,351 1,535,399 29,449 (99,467) (1,599,931) 151,801
Shares/options issued during
the period 132,795 2,136,359 44,756 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 419,146 3,671,758 74,205 (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

Note

Unaudited
Six months
ended 30 June
2015
US$
Unaudited
Six months
ended 30 June
2014
US$
Audited
Year ended
31 December
2014
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

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
Six months
ended 30
June 2015
US$
Unaudited
Six months
ended 30
June 2015
US$
Unaudited
Six months
Year ended
31 December
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
As at end of the period 384,537 981,470 384,537

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
Six months
ended 30
June 2015
US$
Unaudited
Six months
ended 30
June 2015
US$
Unaudited
Six months
Year ended
31 December
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

Unaudited
Six months
ended 30
June 2015
US$
Unaudited
Six months
ended 30
June 2015
US$
Unaudited
Six months
Year ended
31 December
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

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 £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 £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 £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

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

 

Disclaimer: This is an unedited and minimally reviewed public mining company press release originally published at http://feeds.mwnewsroom.com/article/rss?id=1979927. We have linked to our knowledge base articles from within the content of this release in order to help explain some of the terminology used and provide continuity from previous and related news coverage. You can access more in-depth mining company project reviews on our site, as well a knowledge base of articles on mineral exploration, mining and geology-related topics.

About Staff @ Geology for Investors

Geology for Investors seeks to demystify mineral exploration and mining projects for mining company investors. All of our writers and contributors are experienced and educated in geology and the geosciences.