leadf
logo-loader
viewFURA Gems

Fura Gems signs new merger agreement for New Energy Assets' ruby interests in Mozambique

The revised merger agreement allows for Fura’s purchase of interests in a trio of ruby licenses in Mozambique

FURA Gems -
Headquartered in Toronto, Fura is at work on mining its emerald, ruby and sapphire assets in Colombia, Mozambique and Australia

Fura Gems Inc. (CVE:FURA) (OTCMKTS:FUGMF), the Canadian gemstone miner, is again widening its ambitions in the ruby mining sector of Mozambique by entering into a revised and restated merger of a ruby assets agreement with New Energy Minerals, Montepuez Minerals and New Energy Minerals LDA. 

The revised merger agreement allows for Fura’s purchase of interests in a trio of ruby licenses in Mozambique. The first is a 70% interest in ruby mining licence 5030L via the acquisition of 70% of shares of Rubi Resources SA; an 80% stake in ruby mining concession 8921C with the help of the takeover of 80% of shares of the miner Ibra Moz SA; and lastly a right to earn a 65% interest in mining concession 8955C under a joint venture agreement.

Consideration for the acquisition of the New Energy Assets has been pared back from A$2.8 million (C$2.48 million) to a cash payment of A$1.4 million (C$1.23 million). In other news, Fura is no longer required to issue any of its shares as part of the transaction.

READ: Fura Gems 'very pleased' to complete Australian sapphire mining project acquisition

On top of this, the A$2.8 million (C$2.48 million) loan agreement between Fura and New Energy has been terminated. Fura will also pay all capital gains taxes levied by the government of Mozambique in connection with the sale of the New Energy Assets.

Fura’s acquisition of the New Energy Assets must be given the green light by the TSX Venture Exchange.

Headquartered in Toronto, Fura is at work on mining its emerald, ruby and sapphire assets in Colombia, Mozambique and Australia.

Quick facts: FURA Gems

Price: 0.145 CAD

TSX-V:FURA
Market: TSX-V
Market Cap: $39.45 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of FURA Gems named herein, including the promotion by the Company of FURA Gems in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Full interview: Fura Gems does the rare trifecta with projects for Ruby...

Fura Gems (CVE: FURA) President and CEO Dev Shetty joined Steve Darling from Proactive in Vancouver on Skype from Dubai with news the company has closed on two key transactions that give them operation in Australia and Mozambique along with their other project in Colombia.  Shetty...

on 19/2/20

2 min read