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.
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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.