The Canadian company Fura Gems has signed an agreement to acquire 100 percent of a licence to prospect for rubies in the Montepuez district of Cabo Delgado province in northern Mozambique, the company announced in a statement released on Thursday.
The deal was made with the company Azores Overseas Inc. Fura Gems will acquire 100 percent of the capital of the subsidiary Mozambican Ruby Lda in exchange for payment of US$381,000 in cash and 2.5 million common shares when the purchase and sale contract is concluded.
Fura Gems will also assume liabilities of Mozambican Ruby Lda. amounting to US$993,900, likewise when the deal is concluded.
Fura Gems announced earlier this month that it had become the company with the largest licensed ruby prospecting area (1104 square km) in Mozambique after completing the process of merging mining assets with the Australian companies Mustang Resources Ltd and Regius Resources Group Ltd.
The new mining licences were obtained by paying 15 million Australian dollars, 3 million in cash and about 12.7 million in the company’s own shares.