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Fura Gems completes acquisition of Great Northern Mining

The acquisition includes 73 mining leases and tenements in Australia as well as certain related buildings, plants, fixtures and other equipment

FURA Gems - Fura Gems completes acquisition of Great Northern Mining
Fura also said a sum of A$293,093 previously paid to the vendor as a deposit for the acquisition has been released

Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF) (FRA:BJ43) said it has successfully completed the acquisition of Australian mining firm Great Northern Mining Pty Ltd.

The acquisition includes 73 mining leases and tenements in Australia as well as certain related buildings, plants, fixtures and other equipment.

READ: Fura Gems poised to go private with shareholder Lord of Seven Hills Holdings' premium acquisition deal

As consideration for the acquisition, Fura said it has paid around A$2.46mln to the vendor, Mosley Mining, as well as A$239,060 to an Australian bank to release a security interest on certain assets included in the acquisition and A$262,067 to the Queensland Treasury as a cash surety in connection with rehabilitation obligations related to the tenements. A further A$293,093 previously paid to the vendor as a deposit has also been released.

Fura is focused on the mining and marketing of gemstones, with assets in countries including Colombia and Mozambique.

Contact the author at calum@proactiveinvestors.com

Follow him on Twitter @Cal_Proac

Quick facts: FURA Gems

Price: 0.145 CAD

TSX-V:FURA
Market: TSX-V
Market Cap: $39.45 m
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on 19/2/20

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