Exploration and acquisition focussed Wishbone Gold has joined AIM and will begin life on the junior market with former Sirius Minerals chairman and CEO Richard Poulden at the helm.

On admission to AIM, Wishbone has raised £515,000 and now has a market capitalisation of £3.4 million.

According to a statement, the net funds raised will be used to assist in funding initial exploration costs on two concessions in Australia which are considered ‘high quality exploration targets’.

Pouldon comments, ‘Growing demand from developing nations, combined with supply side constraints, provides a positive backdrop for gold and precious metals markets over the medium to long term.

‘By accessing precious metals projects that match defined investment criteria early and applying the latest technology and practices to advance these up the development curve, the board believe an excellent opportunity exists to create substantial value for shareholders.’

Pouldon has brought with him ‘key members’ from his previous team at Sirius Minerals.