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Fura Gems further extends final deadline for acquisition of Mozambique ruby assets

The Toronto-based company gave New Energy Minerals Ltd, formerly known as Mustang Resources Ltd, written notice to extend the 'drop dead' date

Fura is set to buy interests in three ruby licenses in Mozambique

Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF) announced Monday that it has further extended the final deadline for the closing of its proposed acquisition of ruby assets in Mozambique from New Energy Minerals.

The Toronto-based company gave New Energy Minerals Ltd, formerly known as Mustang Resources Ltd, written notice to extend the "drop dead" date for closing the deal to July 31 this year from June 30, Fura said in a regulatory statement on Monday.

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

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 private placement to advance its projects in Colombia and Mozambique.

Last week, it emerged the firm was set to break into the world of sapphire mining in Australia as it revealed it had struck an option deal with Richland Resources Ltd (LON:RLD)  to buy the Capricorn project in Queensland.

The firm also told investors that a previously announced private placing had been oversubscribed and had raised around C$30.9 million gross, which was $540,000 more than stated before.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: FURA Gems

Price: 0.105 CAD

Market: TSX-V
Market Cap: $28.56 m

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on 02/19/2020

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