Ann: Corporate Update, page-21

Con Note holders have to be paid out in cash or shares if the company decides to relist. Such an option was offered in Dec 2016.

Relisting is dependant on two aspects...suitable funding and a viable project. The fact that IGS still has a valued asset in Santa Fe Gold keeps it alive.

Directors have been slow in finding a suitable project therefore founders are not interested at present. That's my conclusion. Others may have different views.