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Wishbone Gold Plc ("Wishbone" or the "Company") Result of Placing and Open Offer

LONDON, UNITED KINGDOM -- (Marketwired) -- 04/30/14 -- On 4 April 2014, Wishbone Gold Plc (AIM: WSBN) (PINKSHEETS: WISHY), an exploration and acquisition company focussed on precious metals, announced details of a Placing and Open Offer of up to 32,696,293 New Ordinary Shares at 1.5 pence each to raise approximately GBP 0.5 million (before expenses). The Placing was effected by a conditional placing of shares with Black Swan FZE, a company wholly owned by Black Swan plc, of which Richard Poulden, Chairman of the Company, is a director and a majority shareholder and was subject to clawback, depending on the acceptance levels under the Open Offer.

The Open Offer has now closed in accordance with the terms and conditions as described in the circular posted to Shareholders on 4 April 2014 and the Company confirms that it has received valid acceptances from Qualifying Shareholders and Qualifying DI Holders in respect of 9,335,225 New Ordinary Shares. These acceptances represent 29% of the total maximum Offer Shares available under the Open Offer and approximately 38% of those Offer Shares available to third parties (being the total Shareholder Entitlements, excluding those assigned to Richard Poulden and his connected parties).

In accordance with the terms and conditions of the Open Offer all applications made pursuant to the Open Offer have been accepted and the New Ordinary Shares conditionally placed pursuant to the Placing have been clawed back. Consequently, the total 32,696,293 New Ordinary Shares to be issued pursuant to the Placing and Open Offer comprise 23,361,068 Placing Shares and 9,335,225 Offer Shares.

Wishbone is also delighted to announce that the Global Resources Investment Trust plc (GRIT) have taken part in this Placing and Open Offer. GRIT is a strategic supporter of Wishbone Gold and its management and is a medium to long term holder of 18.7% of Wishbone Gold, post the take up of its entitlement under the offer. David Hutchins of GRIT said "GRIT is delighted to support Wishbone Gold plc and its outstanding management team."

In addition, Black Swan FZE has charged a 3 per cent. fee for acting as underwriter to the issue, satisfied by the issue of 980,888 new Ordinary Shares (being the Commission Shares).

Application was made for a total of 33,677,181 New Ordinary Shares to be admitted to trading on AIM and dealings commenced on 28 April 2014. Following Admission Wishbone's total issued and voting share capital comprises of 262,551,235 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

Following Admission, the interests of the Directors (including the interests of their spouses and infant children and the interests of any person connected with him (within the meaning of sections 252 to 254 of the 2006 Act)) are as follows:

                        No. of Ordinary Shares  Percentage of Enlarged Share
                                          held                       Capital

Richard Poulden(1)                  81,489,875                         31.04
George Cardona                       8,609,163                          3.28
Jonathan Harrison(2)                 9,820,166                          3.74
Michael Mainelli(3)                  1,696,721                          0.65
Alan Gravett                         1,196,721                          0.46

1.  Richard Poulden holds his Ordinary Shares as follows (and all such
    Ordinary Shares (other than those of Black Swan Plc) are registered in
    the name of Ashton Nominees Inc.):

    a.  2,000,000 Ordinary Shares belong to Richard Poulden's infant

    b.  55,147,919 Ordinary Shares are held by Black Swan Plc of which
        Richard Poulden is the chairman and controls a majority of the

    c.  24,341,956 Ordinary Shares, being the Placing Shares and the
        Commission Shares, are held by Black Swan FZE, a wholly owned
        subsidiary of Black Swan Plc.

2.  Jonathan Harrison holds 5,092, 824 Ordinary Shares in the Company in his
    personal name and 4,737,342 Ordinary Shares in the Company are held
    through EasyBusiness Consulting Ltd.

3.  1,696,721 Ordinary Shares are held by Hawksford Jersey Limited for the
    trustees of the Z/Yen Employee Benefits Trust. Michael Mainelli is a
    director of Z/Yen Group Limited. Z/Yen Group Limited is wholly owned by
    Z/Yen Holdings Limited, which in turn is wholly owned by Z/Yen Contents
    Limited. Michael Mainelli holds 46.6% of the issued ordinary shares and
    35% of the entire issued share capital (which includes some B shares) in
    Z/Yen Contents Limited. Michael's wife, Elisabeth Mainelli, owns 20% of
    the issued ordinary shares and 15% of the entire issued share capital in
    Z/Yen Contents Limited. Together they own 66.6% of the issued ordinary
    shares and 50% of the entire issued share capital in Z/Yen Contents

The capitalised terms in this announcement shall have the same meaning as the definitions in the circular posted to Shareholders on 4 April 2014.


Wishbone Gold plc
Richard Poulden
Executive Chairman
+971 504 52 4994

Wishbone Gold plc
Clive Hyman
+44 20 7382 8372 or +44 78 0263 4163
[email protected]

Wishbone Gold plc
[email protected]

Northland Capital Partners Limited
Louis Castro
+44 20 7796 8800

Northland Capital Partners Limited
Lauren Kettle
+44 20 7796 8800

Beaufort Securities Limited
Chris Rourke
+ 44 20 7382 8300

Beaufort Securities Limited
Saif Janjua
+ 44 20 7382 8300

Damson PR
Abigail Stuart-Menteth
+44 7855 526550

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