Fura Gems - CEO, Dev Shetty
CEO, Dev Shetty
Source: Fura Gems
  • In a meeting yesterday, shareholders of Fura Gems (FURA) overwhelmingly showed their support for a takeover by Lord of Seven Hills Holdings FZE
  • Under the terms of the deal, Lord of Seven Hills would acquire all of Fura’s shares at a price of C$0.15 each
  • Lord of Seven Hills currently owns around 140 million shares, representing roughly 51.1 per cent of Fura’s issued and outstanding securities
  • More than 99.6 per cent of Fura’s shareholders approved the transaction, which is expected to close in mid-October
  • Fura Gems (FURA) is currently steady at $0.14 per share

In a meeting yesterday, shareholders of Fura Gems (FURA) overwhelmingly showed their support for a takeover by Lord of Seven Hills Holdings FZE.

Under the terms of the deal, Lord of Seven Hills would acquire all of Fura’s shares at a price of C$0.15 each, which would result in Fura de-listing from the TSX Venture Exchange.

The purchase price represents a 36 per cent premium over Fura’s share price at the close of trading on August 13, 2020, and values the company at just over $40.8 million.

Lord of Seven Hills currently owns 140,048,752 shares, representing 51.5 per cent of Fura’s issued and outstanding securities.

More than 99.6 per cent of Fura’s voting shareholders approved the transaction, which is expected to close in mid-October this year.

Dev Shetty, President and CEO of Fura Gems, said the transaction represents an opportunity for shareholders to monetise 100 per cent of their investment at a premium cash price.

“Despite significant marketing efforts, liquidity and access to capital have been challenging, which we believe largely result from the limited number of companies listed on the TSXV that operate in the coloured gemstone sector.

“We anticipate that with ongoing support from Lord of Seven Hills Holdings FZE throughout the ongoing global COVID-19 pandemic, we will be able to advance our existing projects until we are able to generate revenue,” he added.

A number of other resolutions were voted on at the meeting, including the election of Dev, Gaurav Gupta, Stan Bharti and Michael Kuan to the company’s Board of Directors.

Fura Gems (FURA) is currently steady at $0.14 per share, as of 12:59pm EDT.

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