Australian company International Goldfields will acquire an 85% interest in Uruguayan biosciences company Jardin de Invierno SA, trading as WinterGarden Biosciences.

WinterGarden is an emerging agriculture bioscience and biotechnology company based in Uruguay, aiming to become one of the first companies in the world to legally harvest and produce non-synthetic cannabis products for the mass-market.

International Goldfields will issue $8,000,000 in shares to WinterGarden, or 51% of the issued capital post completion of the transaction and associated capital raising, whichever is greater.

WinterGarden will also be issued options in International Goldfields representing 10% of the issued capital.

At completion WinterGarden will also be able to appoint three nominees to the International Goldfields board, with two existing directors of the company remaining.

Uruguay is the first nation in the world to federally legalise research and development, cultivation, sale and consumption of non-synthetic cannabinoids. Winter Garden, which possesses a plantation site, corporate...