The IGS deal was for a merger with a cash strapped OTCBB US mining company with a small producing asset and some tenemants. Tony Sage was Chairman at the time and would thus have signed off on it. IGS gave the US company $5m as a loan as part of the agreement. The merger fell though and there was practically no announcement regarding it. The money was not returned as it was 'non-refundable' and I bet it was just used to pay other creditors back (and salaries). The US company is still financially challenged so seeing that $5m again seems highly unlikely. IGS occasionally announces the US company's announcements as if they were their owns. But ultimately the only relationship now is that IGS only has a $5m loan receivable that pays a low 10% interest and some shares in it as 'payment' for another sizable loan. IGS has basically no money left and the shares can't trade any lower than they are.
SH practically got "wolf of wall street'd" by proxy
CFE Price at posting:
8.9¢ Sentiment: None Disclosure: Held
