Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF) announced that it has extended the final deadline for the closing of its proposed acquisition of 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 June 30, 2019. The previous “drop dead” date was May 31, 2019.
Fura's shares were up 2.6% on Thursday afternoon, sitting at C$0.20 in Toronto and were trading at US$0.15 on OTC markets.
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.
The company recently announced a C$30 million private placement to advance its projects in Colombia and Mozambique.
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