Fura Gems Inc (CVE:FURA) on Monday announced it has extended the final “drop-dead” date for the closing of its proposed acquisition of Mustang ruby assets in Mozambique from New Energy Minerals.
The Toronto company has given New Energy Minerals Ltd (formerly known as Mustang Resources Ltd) written notice to extend the deadline for satisfying the conditions for closing the deal on the assets to March 31 from February 28.
The deal with New Energy represents the purchase by Fura of interests in three ruby licenses in Mozambique. The transaction remains subject to the approval of the TSX Venture Exchange.
Fura is involved in the exploration and mining of rubies in Mozambique through its 80% interest in four ruby licences. It is also engaged in the exploration of resources in Colombia where it owns a 76% interest in the Coscuez Emerald Mine in Boyacá.
Fura shares slipped by one cent to trade at C$0.35 in Monday’s morning trading session.
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