News: International Goldfields provides corporate update

International Goldfields (ASX:IGS) has revealed it is finalising share sale agreements and other regulatory filings related to the acquisition of an 85% interest in Uruguay cannabis biosciences company Winter Garden Biosciences.

Due diligence was completed for the acquisition.

Winter Garden has obtained a range of key permits, licences and authorisations from the Uruguayan government and planting its initial hemp and cannabis crop.

The company is licensed to export cannabinoid products to key North American and European markets.

Uruguay is the first nation in the world to fully legalise at the federal regulatory level the research & development, as well as cultivation, distribution, sale and consumption of non-synthetic cannabinoids and hemp.

The Santa Fe Gold Corporation chapter 11 filing is not expected to have any effect on the status of the Winter Garden transaction and IGS said it expects to execute binding agreements with Winter Garden in the coming seven days.

A notice of meeting is to be finalised and sent to the ASX for review soon after.


Santa Fe Gold Corporation

IGS holds 9,259,259 shares in Santa Fe and Convertible Notes worth a combined US$4 million plus accrued interest expiring in October 2015.

on 26 August 2015, Santa Fe Gold Corporation and three affiliates filed voluntary chapter 11 cases.

In its chapter 11 filings, Santa Fe has indicated, that it intends to conduct a process to sell substantially all of the debtors’ assets and, to facilitate a sale process.

A committee of unsecured creditors of Santa Fe will be formed to represent the interests of unsecured creditors in the chapter 11 cases.

The Company intends to request that it become a member of the creditors committee to maximize the recovery to unsecured creditors and to achieve an outcome that is in the best interests of the creditors.