WFW advises on acquisition of PMI Group

Watson Farley & Williams (WFW) successfully advised Wishbone Gold Plc (Wishbone Gold) on the acquisition of Precious Metals International Ltd (PMI) which controls Black Sand FZE (Black Sand) in an all-share transaction.

AIM-listed Wishbone Gold is a gold exploration and acquisition company with four exploration licences covering 34,700 hectares in north east Queensland, Australia, a region known for significant precious metal deposits.

Black Sand holds a gold, precious metals and gem trading licence to operate in the UAE and currently has agreements in place for importing gold from Colombia and Honduras with supply arrangements also under discussion from other parts of South America.

The WFW corporate team advising Wishbone Gold on the transaction was led by Dubai corporate partner Suhail Mirza, assisted by senior associate Carolyn Ang.

Mirza commented, “I am delighted to have advised Wishbone Gold on such a significant acquisition which moves them into a position where rather than simply being just another exploration company with promising properties, they will now also have the support of cash flow deriving from their new trading operations in Dubai”.

Chairman and CEO of Wishbone Gold, Richard Poulden, said, “We have been very impressed with WFW’s performance on this transaction and look forward to working with them in the future.”