Santa Fe/International Goldfields sign merger paperwork
PERTH (miningweekly.com) - ASX-listed International Goldfields has signed a definitive merger agreement with US-based Santa Fe Gold Corporation, enacting an October agreement to create a significant gold and silver company.
“We are pleased to have reached this important milestone in the merger process and look forward to completing the transaction in the coming months, and building a combined gold company with solid production, yet significant upside,” said International Goldfields CEO Travis Schwertfeger.
The combined entity would have a market capitalisation of some A$70-million and cash reserves of at least A$10-million, with gold and silver production of some 28 000 oz/y of gold equivalent, an operating mill, near-term development assets and a portfolio of advanced exploration assets.
The merged group’s assets would include the Summit gold/silver mine, the Ortiz gold project and the Mogollon gold/silver project, all in New Mexico, as well as the Latin gold project, in Brazil.
The merger was approved by International Goldfields shareholders in November last year, while Santa Fe shareholders were yet to approve the transaction.
It was estimated that the merger would be completed by the second quarter of this year.
Meanwhile, both International Goldfields and Santa Fe have been in discussions with a number of potential offtake and project financing partners to provide funding to the combined entity.
These discussions were at an advanced stage, and with the signing of the merger agreement, were expected to be concluded in the coming weeks.
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