International Goldfields Ltd. (ASX:IGS) announced that it will merge with Santa Fe Gold Corp. (OTCBB:SFEG) to create a company focused on producing, developing and exploring for gold and silver. As part of the merger, International Goldfields will advance AU$2 million to Santa Fe within five business days and will pay the company an additional AU$2 million by October 31, 2012.
As quoted in the press release:
The proposed merged entity will be a diversified, well-funded and low cost gold-silver explorer,?developer and miner, listed on the ASX and also traded on a major US exchange or on the OTC?Bulletin Board, with projects located in emerging mining districts including West Africa, Brazil and?the south-west US.
The combined entity will have an initial market capitalisation of approximately A$70 million, cash reserves of at least A$10 million, low cost gold & silver production of 28,000 oz pa (gold equivalent), an operating mill, near term development assets and a portfolio of advanced exploration assets.
Click here to read the full?International Goldfields Ltd. (ASX:IGS) press release.
Source: http://silverinvestingnews.com/14138/international-goldfields-to-merge-with-santa-fe-gold.html
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