Wishbone Gold abandons reverse takeover, refocuses on Australian gold assets
Aim-listed Wishbone Gold has scrapped its planned reverse takeover (RTO) of Evrensel Global Natural Resources, citing a strategic shift toward its existing gold assets in Australia.
The decision follows a reassessment of market conditions and the company’s asset portfolio amid soaring gold prices.
As a result, Anthony Moore has resigned from the board, while veteran resource sector figure David Lenigas has joined as a consultant. Chairperson Richard Poulden has resumed his role and will oversee the company's repositioning.
With its exploration portfolio near world-class gold assets, including tenements adjacent to Greatland Gold’s Telfer mine, Wishbone sees strong potential for growth. The company plans to accelerate exploration at key sites in Western Australia and Queensland.
"It was the wrong time for us to consider an RTO," said Poulden. "Instead, we will be repositioning and redirecting our exploration initiatives on our gold assets.”
“The gold price is at near all-time highs and our existing gold assets have been given a new lease of life, especially Red Setter which neighbours Greatland’s Telfer Southwest mine – this has changed the dynamics and interest in the area.”
Wishbone has also completed a major restructuring of its Australian subsidiary, Wishbone Gold WA, reducing liabilities from £600 000 to about £190 000. The remaining debt is expected to be cleared within six months through a financing arrangement currently in progress. The company expects to raise £500 000 to cover liabilities and fund ongoing operations.
Trading in Wishbone’s shares remains suspended on Aim until the financing details are finalised. The company is working with advisers to resume trading and expects to provide an update soon.
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