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Another notice of completed acquisition[by management.

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Sam Dan Member Level  Friday, 06/26/20 10:43:37 AM
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Another notice of completed acquisition[by management.
Ducks are finally lining up. Hopefully revenue production can start soon.
"The TSX Venture Exchange has accepted for filing documentation relating to a revised and restated merger of ruby assets agreement between the company, Cobadale Ltd. (a wholly owned subsidiary of the company), Fura Services DMCC (a wholly owned subsidiary of the company), New Energy Minerals Ltd., Montepuez Minerals Pty. Ltd., Montepuez Minerals Ltd. and New Energy Minerals LDA, dated as of July 14, 2018, revised and restated on Feb. 5, 2020. Pursuant to the agreement, the company completed the arm's-length acquisition of certain Mozambique assets, 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; (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; and (iii) the acquisition for cancellation of a right to earn a 65-per-cent interest in mining concession 8955C under a joint venture agreement. The company paid a cash payment of $1.4-million (Australian) ($1.27-million (Canadian)) to New Energy and paid $28,000 (U.S.) ($39,000 (Canadian)) on behalf of New Energy to the Mozambique government for the capital gains taxes levied in connection with the sale of the New Energy assets. The exchange has been advised that closing occurred on June 23, 2020."/b]


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