06:09:36 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fura Gems Inc
Symbol FURA
Shares Issued 243,279,893
Close 2020-08-07 C$ 0.095
Market Cap C$ 23,111,590
Recent Sedar Documents

Fura Gems to acquire Australian mining company

2020-08-07 18:05 ET - News Release

Mr. Dev Shetty reports

FURA TO ACQUIRE AUSTRALIAN MINING COMPANY

Fura Gems Inc. has entered into a share sale agreement through its wholly owned Australian subsidiary, Capricorn Sapphire Pty. Ltd., with Mosley Mining Pty. Ltd. (the vendor), pursuant to which the company will acquire all of the issued and outstanding shares of Great Northern Mining Pty. Ltd. (the target), a mining company located in Australia. The assets of the target consist of 73 mining leases, each located in Australia, as well as certain buildings, plants, fixtures, tools and other equipment related to the tenements.

As consideration for the acquisition, Fura agreed to pay $2,987,933 (Australian) (approximately $2,860,632) to the vendor, subject to certain adjustments, and less: (i) an amount payable to a bank to release a security interest on certain of the target's assets; and (ii) an amount equal to any royalties that become payable by the target in respect of mining activities conducted on the tenements prior to completion. In accordance with the share sale agreement, on or about the date that the agreement was signed, Fura paid a portion of the consideration ($293,093 (Australian) (approximately $280,465)) as a deposit to be released to the vendor upon completion of the acquisition.

The acquisition is an arm's-length transaction for the purposes of the policies of the TSX Venture Exchange, and the company understands that the acquisition qualifies as an exempt transaction under TSX-V Policy 5.3. 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; however, the Foreign Investment Review Board of the Australian government has already indicated that it has no objection to the acquisition. Closing of the acquisition is expected to occur in early to mid-August, 2020.

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. Fura owns ruby, emerald and sapphire resource properties in Mozambique, Colombia and Australia, respectively. Fura's headquarters is located in Toronto, Canada, and its administrative headquarters is located in the Gold Tower, Dubai. Fura is listed on the TSX Venture Exchange under the ticker symbol FURA.

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