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International Goldfields Ltd Divests Its West African Assets


Tuesday, 30 Apr 2013 03:54am EDT 

International Goldfields Ltd announced that it has entered into a binding term sheet on April 30, 2013 for the divestment of its interests in Mali and Cote d’Ivoire by the sale of its wholly owned subsidiary International Goldfields (Bermuda) Limited (which is the direct or indirect holder of those assets) (IGS Bermuda Group) (West African Assets) (West African Transaction). In consideration for the sale of the West African Assets the Company will receive at completion of the West African Transaction (Completion) a royalty of 2% of gross revenue from all gold produced from the West African Assets. In addition, at Completion the purchaser shall pay the Company such amount of cash as represents the value of any cash holdings of the IGS Bermuda Group as at the date of the term sheet, any bonds and/or financial assurances in place as at Completion in relation to the West African Assets which are required by the relevant department, governmental authority, regulatory body or organisation to ensure that the party holding such tenements complies with its environmental or other obligations. These items are estimated at approximately USD 104,000. 

Company Quote

0.0020
-0.0010 -33.33%
26 Aug 2014