15:26:47 EDT Wed 30 Sep 2020

Fura extends ruby asset deal drop dead date to April 30

2019-04-02 10:01 ET - News Release

Mr. Dev Shetty reports


Fura Gems Inc. has extended the drop dead date for the closing of the merger of ruby assets agreement, dated July 14, 2018, as amended (MRAA). In accordance with the MRAA, on March 29, 2019, the company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop dead date of the MRAA from March 31, 2019, to April 30, 2019.

The MRAA contemplates the purchase and sale by Fura of interests in three ruby licences/concessions in Mozambique as follows: (i) 75 per cent of the issued shares of Montepuez Minerals Pty. Ltd., which owns a 70-per-cent interest in mining licence 5030L and an 80-per-cent interest in mining concession 8921C, and (ii) a right to earn a 65-per-cent interest in mining concession 8955C under a joint venture agreement. Please see the company's press release dated Nov. 29, 2018, for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange.

Fura also announces the resignation of Jaime Lalinde from the company's board of directors, effective immediately. The board and management of Fura express their gratitude to Mr. Lalinde for his efforts and extensive contributions and wish him well in his future endeavours.

About Fura Gems Inc.

Fura is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada, and its administrative headquarters are located in the Almas Tower, Dubai.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest in the Coscuez emerald mine in Boyaca, Colombia. Fura is also involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in four ruby licences (4392, 3868, 3869 and 6811).

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