This is the situation of IGS some +$4 million with SFEG.
We are in litigation with two vendors for claims for approximately $140,400 and $125,876, respectively against us. If the Company is unsuccessful in raising additional funding, we may not be able to pay resolve these lawsuits and our business may not continue as a going concern. In the event we cannot raise the necessary capital or we cannot restructure through negotiated modifications, we may be required to effect under court supervision pursuant to a voluntary bankruptcy filing under Chapter 11 or Chapter 7 of the U.S. Bankruptcy Code (“Chapter 11 or “Chapter 7”). See “Risk factors.”
We are in litigation with a purported royalty holder of our Summit Silver Gold Project. The purported royalty holder is seeking $500,000 in past due royalty payments and a return of the Summit mine. The Company is in discussions with the royalty holder to resolve the dispute If the Company is unable to resolve the dispute, the Company believes that it has valid defenses against the claims the Company intends to file numerous counter-claims and cross-claims seeking damages significantly in excess of $500,000. If the Company is unsuccessful in the litigation or in raising additional funding, we may not be able to resolve this lawsuits and our business may not continue as a going concern. In the event we cannot raise the necessary capital or we cannot restructure through negotiated modifications, we may be required to effect under court supervision pursuant to a voluntary bankruptcy filing under Chapter 11 or Chapter 7 of the U.S. Bankruptcy Code (“Chapter 11 or “Chapter 7”). See “Risk Factors.”
This new proposed deal of IGS with Musketeer Mining over "Woof Woof Project" ie: dog of a project if (??) it proceeds only means the Directors of IGS have run the company into the ground and demonstrates that IGS is merely a "Shell Company". The IGS Ann 19/02/2015 - what a joke and these people are getting paid to do this !!
IGS Price at posting:
0.1¢ Sentiment: None Disclosure: Held
