Company has paid insurance premiums of $12,530 (2014: $20,639) in respect of liability for any current and future directors, company secretary, executives and employees of the Company.
To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount)
Carrying value of investment in CIA Mineradora Ouro Paz (“Ouro Paz”)
Included in the 30 June 2015 Investment in Joint Venture balance was an amount of $864,448 being a 35% interest in the incorporated joint venture known as Ouro Paz. The audit of Ouro Paz was last undertaken for the year ended 31 December 2013 and we have therefore been unable to obtain audited accounts from that date.
We have therefore been unable to obtain sufficient appropriate audit evidence to support the recoverability of this investment and consequently, we have been unable to determine whether any adjustment to the carrying amount of the investment was necessary.
Loan receivable from Jardin De Invierno S.A. (“Winter Garden transaction”)
As detailed in Note 7 to the accounts, included in the 30 June 2015 Non Current Other Receivable balance is an amount of $162,500 receivable from Jardin De Invierno S.A. in relation to the Winter Garden transaction. This amount is repayable to International Goldfields Limited in the event that the Winter Garden transaction is not completed. We have been unable to obtain sufficient appropriate audit evidence to determine whether the Winter Garden transaction will be completed or to support the recoverability of this receivable and consequently, we have been unable to determine whether any adjustment to the carrying amount of the receivable was necessary.
Included in the 2014 Non Current Other Receivable balance was an amount of $4,402,592 receivable from Santa Fe Gold Corporation. Our audit report on the financial report of International Goldfields Limited for the year ended 30 June 2014 was qualified on the basis that we were unable to obtain sufficient appropriate audit evidence to support the recoverability of the receivable from Santa Fe Gold Corporation and consequently, we were unable to determine whether any adjustment to the carrying amount of the receivable was necessary. On 26 August 2015, Santa Fe Gold Corporation filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. On this basis, International Goldfields Limited has impaired the entire receivable from Santa Fe Gold Corporation in the current financial year.
Note 6
Impairment of investment and loan in Santa Fe 5,472,001
So that is how much of the IGS assets Santa Fe has cost. Remembering that the ASX require IGS to meet the minimum asset test.
And what do we have here in in note 9.
Impairment of Investment in International Petroleum (30,000)
For those that don't know. International (IOP. NSXA) use to be International gold fields. Sold 5% of The NKP T farms to Pete for $10m Under Fleg and Sage before the SA con court took it away.
RRS under the captainship of cap'en pete. A loaned IOP $8m. Never to been seen again.
Who is IOP.
Tony Sage.
Frank timis. (Banded fro ASX and Canada exchange. Heavier fines in AIM and twice convicted for heron dealing)
Jason Brewer. Okap until recently.
And Okap.
Okap Ventures 375,000
Then there are the loans.
(a) IGS entered into a loan agreement in April 2015 to fund short term working capital. The loan was non-interest bearing and had been fully repaid in August 2015
(b) IGS entered into a loan agreement in May 2014 for an amount of $200,000. The loan is interest bearing at 10% and matured in March 2015. The directors are currently negotiating an extension.
(c) IGS entered into a loan agreement in September 2013 for an amount of $350,000. The interest on the loan is at 12% per annum and matured in March 2015. The directors are currently negotiating an extension
(d) The company entered into a loan agreement in May 2015 for an amount of USD$160,000. The loan is interest bearing at 10% and matured in June 2015
(e) The company did a placement in April 2015 and raised $733,172. This placement carries an interest of 12% and will be converted to shares subject to shareholders approval.
(f) Ouro Paz Cia Mineradora has agreed to fund the December 14, March 15 and June 15 quarter cash call on behalf of Latin Gold. The amount advanced was USD$790,000. The interest on the funds advanced is 18% per annum, accruing daily. The company has the option of repaying the debt or diluting its share in the joint venture.
The passed is not the passed. Is it?
These peoples passed has serious effects on the future. Even their Auditor can not say this is a going concern.
To meet the ASX asset test with take serious dilution!
IGS Price at posting:
0.2¢ Sentiment: None Disclosure: Not Held
