Wishbone Gold Plc is an AIM and NEX listed company operating in the precious metals sector. The company has a wholly owned precious metals trading business in Dubai, United Arab Emirates. It also holds four large scale exploration licences in North East Queensland, Australia covering over 34,000 acres in an area known for significant mineralisation.
Wishbone Gold’s strategy to increase gold trading margins and volumes is to invest and develop artisanal and small-scale miners through providing equipment and expertise. These then advance into long-term gold supply contracts which are traded through Dubai providing visibility on the supply chain.
RiverFort arranged a US$2 million Investment through an equity sharing agreement. This agreement provides monthly payments to Wishbone of £33,333 for the first 17 months and £33,339 in the eighteenth and final month. This capital is intended to go into the continued operations of the company including for general working capital requirements.
On the announcement of thedeal Richard Poulden, Wishbone Gold’s Chairman said:
“This is the first stage in an overall funding relationship with RiverFort that can lead to the funding of new deals at the project level. I have worked with Brian Kinane, CEO of RiverFort, in the past and have admiration for his skills in this area.”