I note in the ann 01/05/2015 today that funds are being raised from IGS only real asset being the Brazil Gold Project - in bold below;
TRANSACTION SUMMARY
i. IGS has a 90 day exclusive option to acquire 85% of Winter Garden by way of equity offer to existing Winter Garden Shareholders;
ii. AUD325,000 deposit (50% as option fee, 50% as 6 month interest free unsecured loan) payable to the shareholders of Winter Garden;
iii. IGS has completed a short term (6 month) funding facility of AUD$500,000 to fund currently working capital and the deposit. The facility is convertible in to IGS Shares and Options at $0.0025 (with a 1 for 2 $0.0025, 2 year option) subject to all necessary regulatory and shareholder approvals being obtained.
Then does the following mean IGS are selling its interests in Brazil Gold Project JV - ??
(6) In addition to Winter Garden, key assets of IGS also include 9.2m Sante Fe Gold Shares (current valuation of AUD$1.92m), debt due from Sante Fe Gold of USD$4.4m and a 35% interest in the Ouro Paz Brazilian Gold joint venture.
(7) The capital structure post compliance with Chapter 1 and 2 is still to be determined based on the disposal process in Note 6 above and relevant consolidation if required.
Are these Directors - high ????
IGS Price at posting:
0.3¢ Sentiment: None Disclosure: Held
