I am a bit ambivalent about the announced holdings of Mr.Lord being increased. The plus is a major investor who continues to fund the company during its aggressive acquisitions of gem properties. The possible downside is all decisions of management can conceivably be in the interest of Mr. Lord and not the other investors. Hopefully, I can see his interest in success will mirror other investors' interests as well. The dilution caused by his investments are obviously in strong hands.
"LORD OF SEVEN HILLS HOLDINGS FZE COMPLETES OF INVESTMENT IN FURA GEMS INC.
Lord of Seven Hills Holdings FZE, on May 27, 2020, completed the acquisition of 28,795,592 common shares in the capital of Fura Gems Inc. at a price of 25 cents per common share for aggregate cash consideration of $7,188,898 pursuant to a non-brokered private placement of common shares of the company pursuant to a subscription agreement dated June 26, 2019. Such common shares represented approximately 10.59 per cent 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 per cent 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 per cent 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."