Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF), the gemstone mining and marketing company, is to acquire Australia-based Great Northern Mining, which boasts 73 leases, in a deal worth approximately C$2.86 million, or A$2.9 million.
READ: Fura Gems draws down US$4.1 million from long-term loan facility to fund operations in Colombia, Mozambique and Australia
Toronto-based Fura will pay around C$2,860,632 to vendor Mosley Mining, less an amount payable to a bank to release a security interest on certain of the assets, and an amount equal to any royalties that become payable by the Great Northern before completion of the transaction.
Fura has already paid C$280,465 as a deposit to be released upon completion, which is expected to be in early to mid-August this year.
Closing is subject to customary conditions; however, the Foreign Investment Review Board of the Australian Government has already indicated that it has no objection.
Contact the author at giles@proactiveinvestors.com
