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Fura Gems to acquire Australian mining group Great Northern Mining

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

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Great Northern Mining's assets consist of 73 leases in Australia, as well as certain buildings, plants, fixtures, and other equipment

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 [email protected]

Quick facts: FURA Gems

Price: 0.145 CAD

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