Toronto, Ontario--(Newsfile Corp. - May 29, 2020) - Lord of Seven Hills Holdings FZE ("L7H") announces that, on May 27, 2020, it has completed the acquisition of 28,795,592 common shares ("Common Shares") in the capital of Fura Gems Inc. (the "Company") at a price of $0.25 per Common Share for aggregate cash consideration of C$7,188,898 pursuant to a non-brokered private placement (the "Private Placement") of Common Shares of the Company pursuant to a subscription agreement dated June 26, 2019. Such Common Shares represented approximately 10.59% of the issued and outstanding Common Shares immediately following the issuance of such shares.
The Private Placement was the second tranche of a previously-announced non-brokered private placement financing of the Issuer pursuant to a subscription agreement between L7H and the Issuer dated June 26, 2019, the completion of which was delayed pending final approval of the TSX Venture Exchange.
Prior to the Private Placement, L7H owned and controlled a total of 106,359,534 Common Shares, representing approximately 43.72% of the issued and outstanding Common Shares at such time.
After giving effect to the Private Placement, L7H holds a total of 135,115,126 Common Shares, representing approximately 49.67% of the issued and outstanding Common Shares immediately following such issuance.
L7H acquired the Common Shares for investment purposes but believes that the industry in which the Issuer operates is highly fragmented and considers the consolidation of the sector to be desirable. As such, L7H will continue to monitor this sector and this investment and may, from time to time, increase its direct or indirect ownership, control or direction of Common Shares or consider other alternative transactions involving the Issuer to achieve that result.
The address of the head office of the Company is:
800 - 65 Queen Street
PO Box 71
Toronto, ON M5H 2M5
The address of the registered office of L7H is:
Office No. 22 Phase II, Block A PF
Fujairah Free Zone
PO Box 50897
Fujairah, UAE
To obtain a copy of the corresponding early warning report, please contact Michael Rennie, Wildeboer Dellelce LLP, 416.361.4781.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56892