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International Goldfields canceling cannabis producer takeover

InternationalGoldfields Ltd. expects the deal for acquisition of an 85% interestin Uruguay-based WinterGarden Bioscience to lapse as key conditions failed tobe satisfied before the May 31 due date, the company said July 7.

It executed a binding definitive agreement with WinterGarden, an advanceddeveloper of mass-market nonsynthetic cannabis products, in early February.

International Goldfields said it issued a formal notice toWinterGarden on July 5 to terminate the transaction, with two days given toreply; however, it has not received a response. The move followschanges proposed by the ASX regarding reverse takeover listing rules.

Meanwhile, the company expects to complete the acquisitionof a "highly promising mineral asset in Australasia" and is currentlyin confidential due diligence, expected to be completed within seven to 10 days.

As part of the proposed deal, it expects to complete arecapitalization simultaneously that would see a large part of existing debtconverted into shares.