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Fura announces update on ruby transaction in Mozambique

Published by , Editorial Assistant
Global Mining Review,

Fura Gems Inc. has announced that, to facilitate the satisfaction of the closing conditions of the company’s ongoing acquisition of a 100% interest in ruby prospecting licence No. 5572L in the Montepuez District of Cabo Delgado province in Mozambique, the company has entered into an amending agreement to the share purchase agreement.

Pursuant to the amending agreement, Azores Overseas Inc. agreed to receive 1 135 662 fewer common shares of Fura upon completion in exchange for Fura agreeing to pay the vendor on closing an amount equal to CAN$454 264.63 to assist the vendor in paying certain taxes owed by it. As such, instead of the vendor receiving 2 500 000 shares, the vendor will be issued 1 364 338 Fura shares on closing of the acquisition. The shares will be subject to a regulatory hold period of four months and one day from the closing of the acquisition, which is expected to be completed by 15 September 2019.

The acquisition is an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange and is subject to the approval of the TSXV. The company is not paying any finder’s fees in connection with the acquisition. The closing of the acquisition is subject to the satisfaction of customary conditions precedent, including, inter alia, receipt of ministry authorisations, approval of the TSXV and the provision of applicable legal opinions concerning the title to the licence.

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