Termination of Reverse Transaction, Corporate Update and Continuing Suspension
Wishbone Gold PLC (AIM: WSBN, AQSE: WSBN) has made a strategic U-turn, with Richard Poulden reinstated as chairman.
The junior gold exploration company has abandoned its previously announced reverse takeover of Evrensel Global Natural Resources Ltd. The deal, which would have brought in new management and given 70% ownership of the new entity to Evrensel, has been scrapped.
Under the original plan, post-RTO, the company was expected to divest assets or close subsidiaries. Instead, Wishbone is now pivoting its focus to its existing gold tenements near Greatland Gold’s Telfer mine and is seeking £500,000 in funding to support this strategy.
Following this shift, Anthony Moore, who had been serving as chairman, has left the company. Richard Poulden, who had been deputy chair since November, has reclaimed the chairman’s seat. Additionally, David Lenigas has been appointed as a consultant.
“It was the wrong time for us to consider an RTO. Instead, we will be repositioning and redirecting our exploration initiatives toward our gold assets in Western Australia and Queensland,” Poulden stated.
“With gold prices near all-time highs, our existing assets—especially Red Setter, which is adjacent to Greatland’s Telfer Southwest mine—have gained renewed significance, sparking fresh interest in the area.”
Poulden further noted that the board believes Wishbone’s assets now hold greater value than before the company’s shares were suspended.
Wishbone is actively working towards resuming trading of its shares on both AIM and Aquis.
