Completion of acquisition in Australia. Will benefit the take over of FURA investors
" (“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 of all of the issued and outstanding shares of Great Northern Mining Pty Ltd (the “Target”), a mining company located in Australia (the “Acquisition”). The assets of the Target consist of 73 mining leases (the “Tenements”), each located in Australia, as well as certain buildings, plants, fixtures, tools, and other equipment related to the Tenements. Please see the Company’s press release dated August 7, 2020 for further details.
In consideration for the Acquisition, Fura paid A$2,459,219 (approximately C$2,335,000) to the vendor, Mosley Mining Pty Ltd, A$239,060 (approximately C$227,000) to an Australian bank to release a security interest on certain of the Target’s assets, and A$262,067 (approximately C$249,000) to Queensland Treasury as a cash surety in connection with rehabilitation obligations related to the Tenements. In addition, the A$293,093 (approximately C$278,000) that was previously paid to the vendor as a deposit was released.
The Acquisition was an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”) and the Company understands that the Acquisition qualifies as an “Exempt Transaction” under TSXV Policy 5.3. Fura did not pay any finder’s fees in connection with the Acquisition. The Foreign Investment Review Board of the Australian Government has indicated that it has no objection to the Acquisition.