igs and santa fe merger off ?

Has anyone read the SFEG (Yahoo Board) comments by Pin ball ?

Supposedly he has had a long conversation with Carson (CEO of SFEG) who has advised him IGS cant raise the condition precident to the merger whereby raising A$10 million.

That the IGS shareholders may have just forked out A$4 million to recieve a 6% interest payment over a couple of years. This would be disasterous for IGS as they could gain more than 6% on the cash through exploration investment in current projects.

If this is true (?) i would have thought IGS Directors should have made an announcement in relation to this and would have a duty to do so !

Interesting times ahead !