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Further progress by management in completion of important acquisitions

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Sam Dan Member Level  Tuesday, 06/23/20 12:10:48 PM
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Further progress by management in completion of important acquisitions
" Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) is pleased to announce that it has successfully completed the Company’s previously announced acquisition (the “Acquisition”) of interests in two ruby licences/concessions in Mozambique as follows: (i) a 70% interest in ruby mining licence 5030L through the acquisition of 70% of the issued and outstanding shares of Rubies Resources SA, and (ii) an 80% interest in ruby mining concession 8921C through the acquisition of 80% of the issued and outstanding shares of Ibra Moz SA (each a “Licence”, and together the “Licences”). Fura also acquired the Vendor’s right to earn a 65% interest in mining concession 8955C under a joint venture agreement (together with the Licences, the “NewEnergyAssets”). Please see the Company’s press releases dated November 29, 2018 and February 11, 2020 for further details.

Pursuant to the merger of ruby assets agreement dated July 14, 2018, as revised and restated on February 7, 2020 (the “MRAA”), in consideration for the purchase of the New Energy Assets, Fura made a total cash payment of A$1,400,000 (C$1.27 million) to New Energy Minerals Ltd (the “Vendor”) and paid US$28,000 (C$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 (“TSXV”). Fura did not pay any finder’s fees in connection with the Acquisition."


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