IGS has refuted such claims and believes that they are unfounded and without substance. As outlined to WG, under the terms of the DA termination of the agreement prior to its expiry can be agreed by mutual consent, or as a result of certain conditions precedent not being met.
Oh that's right. What would Winter garden know about it. Just some crazy poster on Hotcopper. Wait a minute!!
Here's the DA
Key terms of the transaction are:- - Consideration to consist of: (a) IGS shares equal to the higher of:
(i) $8,000,000 divided by the price at which the Purchaser issues Purchaser Shares to the public under the Equity Raising; and
(ii) the number of Purchaser Shares which represent 51% of the issued share capital of the Purchaser upon completion of the Acquisition and the Equity Raising, each on a post-Consolidation basis; and
(b) options to acquire IGS shares representing 10% of the issued share capital of the Purchaser upon completion of the Acquisition and the Equity Raising exercisable at the price at which shares were offered to the public via the Equity Raising by an expiry date to be agreed and subject to performance hurdles and vesting conditions to be agreed by the Parties (acting reasonably and in good faith)
and approved by ASX. -WG to appoint three nominees to the IGS board, and for IGS to retain two board members on completion -Key conditions of the agreement are:
-IGS raising a minimum of $2,000,000 (or such other amount as required to meet the assets test admission criteria of the ASX), through the issue of Shares at a price to be determined by the IGS, with minimum net proceeds to the company of $1,000,000 at completion of the Equity Raising. www.intgold.com.au -
IGS having obtained all necessary shareholder approvals required by the Corporations Act (and any other applicable law or regulations) and the Listing Rules in relation to the Transaction, including any approvals required to re-comply with the admission and quotation requirements of the ASX,
As detailed in the ASX announcement dated 28 April 2016, key conditions of the DA are required to be satisfied on or before 31 May 2016,
A stock exchange listed (in Australia) company must give at least 28 days’ notice – Sec. 249HA (Share holder meeting)
