Key Developments: Santa Fe Gold Corp (SFEG.OB)
0.18USD
17 May 2013
$-0.03 (-14.29%)
$0.21
$0.21
$0.21
$0.16
66,025
69,784
$0.80
$0.12
Latest Key Developments (Source: Significant Developments)
Santa Fe Gold Corp And International Goldfields Ltd Sign Definitive Merger Agreement
Santa Fe Gold Corp announced the signing of a definitive merger agreement with International Goldfields Limited. The merger has been approved by the boards of directors of both companies and consummation is targeted for the second quarter of 2013, subject to satisfaction of closing conditions and approval by Santa Fe's shareholders. The Merger Agreement provides that the IGS Common Shares shall be delivered to the holders of SFEG Common Stock in the form of American Depositary Receipts. The merger is subject to the ADRs being approved for listing, and subject to their issuance, on the NYSE MKT. IGS Common Shares also will continue to trade on the ASX. The Merger is subject to IGS closing an equity financing that would result in IGS having at least AUD10,000,000 in available cash, after deduction of transaction-related fees, and a maximum of AUD100,000 in total indebtedness. Assuming the completion of the minimum required amount of the IGS offering, Santa Fe stockholders would hold collectively approximately 61.6% of the outstanding IGS Common Shares. Full Article
Santa Fe Gold Corp Enters Into Contract With Korean Smelter To Sell Gold Silver Concentrates Valued At $12 Million
Santa Fe Gold Corp announced that it has contracted with LS Nikko to sell a minimum of 360 metric tons of high-value gold-silver concentrates for delivery during 2013. At recent precious metals prices, the contract is valued at approximately $12 million. The concentrates will be shipped to LS Nikko`s Onsan Smelter in Korea. The Company will be paid for the contained gold and silver less customary charges. Santa Fe`s Lordsburg flotation mill produces gold and silver concentrates from its Summit mine located in southwest New Mexico. Full Article
International Goldfields Ltd Announces Merger With Santa Fe Gold Corporation
International Goldfields Ltd (IGS) announced that IGS and Santa Fe Gold Corporation (OTCBB: SFEG) (Santa Fe or SFEG) have entered into a conditional Binding Heads of Agreement (HoA) that will combine the companies and create a gold/silver company. The proposed merged entity will be a diversified 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. IGS and Santa Fe have agreed to enter into a transaction whereby the entities will merge and Santa Fe will become a wholly-owned Delaware subsidiary of IGS (Merger). Santa Fe shareholders will receive a total of 1,449,469,462 fully paid ordinary shares in the capital of IGS (on a pre-consolidation basis) in exchange for their Santa Fe stock. Full Article
Santa Fe Gold Corp To Acquire Mogollon Property For $4.5 Million In Deferred Payments From Columbus Silver Corp
Santa Fe Gold Corp announced that it has entered into an option agreement with Columbus Silver Corp, whereby Santa Fe may acquire the Mogollon Project, Catron County, New Mexico, for payments aggregating $4,500,000 scheduled to be paid through the end of 2014. The Mogollon Project encompasses most of the Mogollon district in southwest New Mexico, which has substantial recorded historical production of silver and gold. On signing the agreement, Santa Fe paid Columbus Silver $100,000. The payment schedule calls for Santa Fe to pay a further $150,000 within 3 business days of approval of the agreement by the TSX Venture Exchange, US$500,000 on or before December 31, 2012, and four payments of $937,500 each on June 30, 2013, December 31, 2013, June 30, 2014, and December 31, 2014. Additionally, Santa Fe must maintain the property in good standing by paying underlying claim and lease payments. Upon TSX Venture Exchange approval, Santa Fe and Columbus Silver will enter into a mutual release regarding the previous plan of arrangement between the parties, which expired by its terms on May 31, 2012. Approximately $1,060,000 was advanced by Santa Fe to Columbus Silver in connection with the foregoing, and the parties will acknowledge that the funds are non-refundable. Full Article
Santa Fe Gold Corp Announces Early Termination Of Unit Offering Effective August, 17, 2012 And Suspension Of Equity Financing Facility
Santa Fe Gold Corp announced that its board of directors has elected to terminate early its previously announced 16,666,667 unit offering to existing stockholders and a few institutional investors, with each unit consisting of one share of common stock and a warrant to purchase an additional share of common stock. Each unit is offered for sale at a price of $0.30. Each warrant has an exercise price of $0.40 per share of common stock, and is exercisable for a period of three years commencing immediately. In addition, Santa Fe`s board of directors has adopted a resolution suspending, effective immediately, any further draw-downs under its previously announced $15 million equity financing facility with Glengrove Small Cap Value, Ltd. Full Article
Santa Fe Gold Corp Announces Unit Offering To Existing Stockholders And Institutional Investors
Santa Fe Gold Corp announced that it is offering up to 16,666,667 units for sale to existing stockholders, with each unit consisting of one share of common stock and a warrant to purchase an additional share of common stock. Each unit will be offered for sale at a price of $0.30. Each warrant has an exercise price of $0.40 per share of common stock, and is exercisable for a period of three years commencing immediately. The shares of common stock and the warrants will be issued separately but will be purchased together in the offering. The offering will commence as of the date of the supplemental prospectus and expire on August 31, 2012, unless Santa Fe terminates it earlier or extends it. Santa Fe’s directors and officers will conduct the offering, for which they will receive no commissions. Net proceeds of the offering, after payment of expenses, will be used for working capital and general corporate expenses. Santa Fe will attempt to honor subscriptions on a first come, first served basis. Full Article
Santa Fe Gold Corp Announces Unit Offering to Existing Stockholders
Santa Fe Gold Corp announced that it is offering up to 12,500,000 units for sale to existing stockholders, with each unit consisting of one share of common stock and a warrant to purchase an additional share of common stock. Each unit will be offered for sale at a price of $0.40. Each warrant has an exercise price of $0.60 per share of common stock, and is exercisable for a period of three years commencing immediately. The shares of common stock and the warrants will be issued separately but will be purchased together in the offering. The offering will commence as of the date of the supplemental prospectus and expire on July 25, 2012, unless Santa Fe terminates it earlier or extends it. Santa Fe`s directors and officers will conduct the offering, for which they will receive no commissions. Net proceeds of the offering, after payment of expenses, will be used for working capital and general corporate expenses. Santa Fe will attempt to honor subscriptions on a "first come, first served" basis. Full Article
Santa Fe Gold Corp Secures New Committed Equity Financing Facility
Santa Fe Gold Corp announced that it has entered into a committed equity financing facility under which it may sell up to $15 million of its registered common stock to Glengrove Small Cap Value, Ltd. over an approximately 24-month period. Santa Fe is not obligated to utilize any portion of the equity facility and remains free to enter into other financing transactions. Santa Fe will determine, at its sole discretion, the timing, dollar amount and floor price per share for any draw under the facility. When and if Santa Fe elects to use the facility, the number and price of shares sold in each draw will be determined by a contractual formula, whereby the Company will issue shares to Glengrove at a pre-negotiated discount to the volume weighted average price of Santa Fe’s common stock over a preceding period of trading days. In connection with the execution of the equity financing facility, Santa Fe will issue to Glengrove 666,666 shares of registered common stock as a commitment fee. The offer and sale of shares by Santa Fe under the equity facility have been registered pursuant to a shelf registration statement declared effective with the Securities and Exchange Commission on December 29, 2009. Santa Fe intends to use the net proceeds from any sale of shares under the facility for working capital and other general corporate purposes. Full Article
Santa Fe Gold Corp Announces Termination of Agreement to Acquire Columbus Silver Corp; Continues to Pursue Purchase of Specific Mineral Properties
Santa Fe Gold Corp announced the termination of the proposed agreement, announced December 15, 2011, under which Santa Fe would have acquired the common stock of Columbus Silver Corporation in a $10 million cash transaction. Due in part to difficult market conditions, Santa Fe was not in a position to satisfy conditions to complete the necessary financing under its debt facility or otherwise by the deadline of May 31, 2012. Following termination of the agreement, the Company is negotiating a possible direct purchase of one or more of Columbus Silver`s mineral properties. Full Article
Santa Fe Gold Corp Settles Litigation On Ortiz Mines, Inc.'s Ortiz Gold Project And Proceeds With Work Program
Santa Fe Gold Corp announced that Santa Fe and Ortiz Mines, Inc. had settled the federal court litigation between them. Santa Fe had filed a complaint in response to a dispute concerning termination of its lease and other claims between the parties, which it announced on August 31, 2011. The settlement agreement confirms the continuation of Santa Fe’s exclusive lease rights to explore, develop and mine gold, silver, copper and other minerals on 66 square miles of the Ortiz Mine Grant in Santa Fe County, New Mexico. Historical drilling by other companies identified approximately 2.0 million ounces of gold resources on ground now under Santa Fe’s control. In connection with the settlement, annual lease payments remain unchanged but Santa Fe has agreed, subject to certain qualifications, to expend at least $500,000 by November 22, 2012, and a total of $1.0 million by May 22, 2013, on work programs in support of project development. Full Article
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