05:06:55 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Fura Gems Inc
Symbol FURA
Shares Issued 243,279,893
Close 2020-06-19 C$ 0.15
Market Cap C$ 36,491,984
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Fura Gems completes Mozambique ruby deal

2020-06-23 12:52 ET - News Release

Mr. Dev Shetty reports

FURA COMPLETES RUBY TRANSACTION IN MOZAMBIQUE

Fura Gems Inc. has successfully completed the company's previously announced acquisition of interests in two ruby licences/concessions in Mozambique as follows: (i) a 70-per-cent interest in ruby mining licence 5030L through the acquisition of 70 per cent of the issued and outstanding shares of Rubies Resources SA; and (ii) an 80-per-cent interest in ruby mining concession 8921C through the acquisition of 80 per cent of the issued and outstanding shares of Ibra Moz SA. Fura also acquired the vendor's right to earn a 65-per-cent interest in mining concession 8955C under a joint venture agreement (please see the company's press releases dated Nov. 29, 2018, and Feb. 11, 2020, for further details).

Pursuant to the merger of ruby assets agreement dated July 14, 2018, as revised and restated on Feb. 7, 2020 (MRAA), in consideration for the purchase of the new energy assets, Fura made a total cash payment of $1.4-million (Australian) ($1.27-million) to New Energy Minerals Ltd. and paid $28,000 (U.S.) ($39,000) on behalf of the vendor to the Mozambique government for the capital gains taxes levied in connection with the sale of the New Energy assets. The acquisition was an arm's-length transaction for the purposes of the policies of the TSX Venture Exchange. Fura did not pay any finders' fees in connection with the acquisition.

About Fura Gems Inc.

Fura Gems is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences.

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