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Miracles happen !! Fura announces completion of an acqusition!

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Sam Dan Member Level  Tuesday, 12/31/19 07:20:55 PM
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Miracles happen !! Fura announces completion of an acqusition!

" Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43), a new gemstone mining and marketing company with emerald, ruby and sapphire assets in Colombia, Mozambique and Australia, respectively, is pleased to announce that on December 31, 2019 it successfully completed the Company’s previously announced acquisition of 100% interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) (the permits and the licences are collectively referred to herein as the “Licences”) for a sapphire mining project in Queensland, Australia (the “Acquisition”). The Acquisition is described in more detail below and in the Company’s press releases dated June 27, 2019, July 22, 2019 and December 16, 2019.

Dev Shetty, President & CEO of Fura, commented:

“We are very pleased to complete the Acquisition, which results in Fura becoming the only public gemstone mining and marketing company in the world to hold emerald, ruby and sapphire mining assets (being all three coloured gemstones).”

Pursuant to the option agreement that was entered into by the Company and Richland Resources Ltd. (the “Vendor”) on June 26, 2019, as amended, (the “Option Agreement”) in exchange for the Vendor (i) transferring all of the issued shares of Richland’s wholly owned subsidiary, Richland Corporate Ltd. (“Richland Corporate”), and (ii) assigning all of the Vendor’s loans to Richland Corporate to Fura, Fura paid US$1,250,000 in cash to the Vendor. Fura previously paid the Vendor C$25,000 as an option fee payment.

The Acquisition was an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”). Fura did not pay any finder’s fees in connection with the Acquisition.

Fura is currently in the process of completing the purchase and sale of interests in three additional ruby prospecting licences/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition, which remains subject to TSXV approval."

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