Mr. Dev Shetty reports
FURA ANNOUNCES UPDATE ON RUBY TRANSACTION IN MOZAMBIQUE
To facilitate the prompt satisfaction of the closing conditions of Fura Gems Inc.'s previously announced continuing acquisition of a 100-per-cent interest in ruby prospecting licence No. 5572L in the Montepuez district of Cabo Delgado province in Mozambique, Fura has entered into an amending agreement dated Aug. 20, 2019, to the share purchase agreement dated July 24, 2018. Please see Fura's press release dated July 26, 2018, for further details.
Pursuant to the amending agreement, Azores Overseas Inc. (the vendor) agreed to receive 1,135,662 fewer common shares of Fura upon completion in exchange for Fura agreeing to pay the vendor on closing an amount equal to $454,264.63 to assist the vendor in paying certain taxes owed by it. As such, instead of the vendor receiving 2.5 million Fura shares, the vendor will be issued 1,364,338 Fura shares on closing of the acquisition. The Fura shares will be subject to a regulatory hold period of four months and one day from the closing of the acquisition. The acquisition is expected to be completed by Sept. 15, 2019.
The acquisition is an arm's-length transaction for the purposes of the policies of the TSX Venture Exchange and is subject to the approval of the TSX-V. Fura is not paying any finders' fees in connection with the acquisition. The closing of the acquisition is subject to the satisfaction of customary conditions precedent, including, inter alia, receipt of ministry authorizations, approval of the TSX-V and the provision of applicable legal opinions concerning the title to the licence.
About Fura Gems Inc.
Fura Gems Inc. is a gemstone mining and marketing company, which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters is located in Toronto, Canada, and its administrative headquarters is located in the Gold Tower, Dubai.
Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest the Coscuez emerald mine in Boyaca, Colombia. Fura is involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in four ruby licences (4392L, 3868L, 3869L and 6811L).
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