Wishbone Gold PLC - Loan Facility to Supplier
RNS Number : 2152R
Wishbone Gold PLC
07 December 2016
 


7 December 2016

Wishbone Gold Plc

("Wishbone Gold" or the "Company")

Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources

 

Loan Facility to Supplier

 

Wishbone Gold is pleased to announce that it has provided a loan facility of US$100,000 to Narh Global Services Ltd ("NGSL"), one of its gold suppliers in Ghana. The purpose of the loan is to assist in the purchase of new washing facilities to increase the production of NGSL's alluvial properties.

 

The loan does not bear interest but the discount on shipments from NGSL is increased from 3% to 6% for future shipments from the alluvial production. The loan will be repaid out of increased shipments of gold.

 

Chairman and CEO of Wishbone, Richard Poulden, commented:

 

"This is a vote of confidence in one of our trusted suppliers. To put this transaction in context, Bank of Ghana interest rates are currently around 25% pa. In addition the Company is lending to company with no proven resource, relying on our own in country due diligence and NGSL's track record as a supplier. We anticipate that we make similar investments in future".

 

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 www.wishbonegold.com

Enquiries:

For further information, please contact:

 

Wishbone Gold Plc


Richard Poulden, Chairman and CEO

Tel: +44 207 812 0645



Allenby Capital


Nick Naylor / Nick Harriss / James Thomas

Tel: +44 20 3328 5656



Beaufort Securities


Elliot Hance

Tel: +44 20 7382 8300



Damson Communications


Amelia Hubert

Tel: +44 207 812 0645

 

 


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