Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF) has once more extended the longstop date of its option agreement with Richland Resources Ltd over the Queensland sapphire project acquisition as the parties complete the remaining legal formalities.
Fura agreed with Richland on December 13 to extend the longstop date from December 14 to December 20 this year and to amend the purchase price to a single cash payment of US$1.25 million payable on completion, said Fura in a brief statement.
Toronto-based Fura’s option agreement with Richland is over the acquisition of a new sapphire mining project in Queensland, Australia.
The acquisition of the Capricorn project gives Fura 100% interest in two mining permits (EPM 25973 and EPM 25978) and three mining licenses (ML 70419, ML 70447 and ML 70451) in the Australian state.
Fura is a gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively.
The Capricorn deal was originally announced in June 2019.
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