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FURA Gems

Fura Gems amends option deal to buy Capricorn sapphire mining project in Queensland

The option fee payable by Fura to Richland is reduced from C$150,000 to C$25,000 while the cash consideration payable on completion of the acquisition is increased by C$125,000

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Toronto-based Fura is a gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique

Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF) announced Monday that its option deal with Richland Resources Ltd to buy the Capricorn sapphire mining project in Queensland has been amended.

Capricorn comprises two mining permits (EPM 25973 and EPM 25978) and three mining licenses (ML 70419, ML 70447 and ML 70451). The deal was announced last month.

READ: Fura Gems to enter Australian sapphire mining industry with Capricorn project deal

Under the amended option agreement, the option fee payable by Fura to Richland is reduced from C$150,000 to C$25,000 while the cash consideration payable on completion of the acquisition is increased by C$125,000, plus an amount equal to the interest accrued to completion on a C$125,000 loan made to Richland by a third party, with that amount not to exceed C$3,000.

Fura also said it has issued an exercise, accepted by Richland, that includes an acknowledgement by Richland that the option fee is deemed to include payment of the C$100 exercise price.

Based in Toronto, Fura is gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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Price: $0.23

Market: TSX-V
Market Cap: $30.94 m
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