Fura Gems - CEO, Dev Shetty
CEO, Dev Shetty
Source: Fura Gems
  • Gemstone miner, Fura Gems (FURA) has successfully completed the acquisition of Australian mining company, Great Northern Mining
  • Great Northern’s assets consist of 73 mining leases in Australia, as well as buildings, plants, fixtures, tools, and other equipment
  • Fura paid the vendor, Mosley Mining, approximately C$2.3 million, along with a prior deposit of C$278,000 for the acquisition
  • The company also paid sums of money to an Australian bank and the Queensland Treasury, to enable the transaction
  • Fura Gems (FURA) remains unchanged and is currently trading at 14 cents per share

Gemstone miner, Fura Gems (FURA) has successfully completed the acquisition of Australian mining company, Great Northern Mining.

As announced on August 7, the company’s Australian subsidiary, Capricorn Sapphire, entered into a share sale agreement with Mosley Mining for the acquisition.

The acquisition included all of the issued and outstanding shares in Great Northern, and brings with it a range of assets. Great Northern’s assets consist of 73 mining leases throughout Australia, as well as buildings, plants, fixtures, tools, and other equipment.

In consideration for the acquisition, Fura Gems paid the vendor, Mosley Mining, a payment of approximately C$2,335,000. The company had previously paid a deposit of roughly C$278,000 to Mosley Mining, which was released as part of the acquisition transaction.

In addition, Fura Gems also paid sums of money to an Australian bank and the Queensland Treasury, to enable the transaction. The company paid approximately C$227,000 to the bank, in order to release a security interest on certain assets owned by Great Northern.

The Queensland Treasury received roughly C$249,000 from Fura Gems, as a cash surety, in connection with rehabilitation obligations related to the 73 mining leases.

Fura Gems did not pay any finder’s fees in connection with this acquisition.

This latest acquisition will add to Fura Gems’ growing portfolio of gemstone licenses, which is spread out across the globe. The gemstone mining company currently owns resource properties for rubies, emeralds, and sapphires in Mozambique, Colombia, and Australia, respectively. 

Fura Gems (FURA) remains unchanged and is trading at 14 cents per share at 1:48pm EDT.

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