NASDAQ OMX

Fura Completes Acquisition of Colombian Emerald Mine, Coscuez

Dela

TORONTO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Fura Gems Inc. (TSXV:FURA) is pleased to announce that it has completed its acquisition of 76% of the issued and outstanding shares of Esmeracol S.A. ("Esmeracol"), which owns a 100% interest in mining licence no. 122 - 95M (the "Coscuez Licence").

Dev Shetty, President & CEO of Fura, commented: "Fura has achieved one more important milestone by adding the iconic Colombian emerald mine, Coscuez, to its portfolio. With this acquisition, Fura now has two important silos in its portfolio, Colombian emeralds and Mozambican rubies. Fura will now work towards modernisation of the Coscuez emerald mine and deployment of the best health and safety standards for its employees while keeping the environmental impact minimal. Fura will also closely work with the local community and relevant authorities to promote the social-economic development in the region. We would like to thank our local partner and also the entire team on the ground in the Colombia for the dedication and hard work."

The Coscuez Emerald Property

The Coscuez Licence covers an area of 46 hectares and includes exclusive rights for the exploration, construction and mining of emerald deposits granted by the Government of the Republic of Colombia within the area historically known as the "Coscuez Mine" in the municipality of San Pablo de Borbur, Department of Boyacá. The population of San Pablo de Borbur municipality is 9,189 people, with 28.69% of the population resident in the village (vereda) of Coscuez. The municipality is predominantly rural with a local economy currently based on the twin activities of mining and farming. Fura will continue mining activities on the Coscuez License with the view to improve and optimize mining operations.

Transaction Terms

As part of the consideration, Fura has paid Emporium HS S.A.S. ("Emporium") US$2.50 million on closing and issued 363,872 common shares. Fura now owns a 76% interest in Esmeracol and has assumed the complete management control of the Coscuez mine. Emporium will continue to hold a 20.10% free carried interest in Esmeracol, subject to a shareholders' agreement containing restrictions on transfer of shares, a right of first refusal, drag along rights and other terms standard for an agreement of this nature. The balance of 3.9% will continue to be held by third parties.

Under the terms of the share purchase agreement relating to the transaction, Fura has agreed to the following additional payments:

  • US$2.00 million on the 12-month anniversary of the closing;
  • US$2.50 million on the 24-month anniversary of the closing; and,
  • US$3.00 million on the 36-month anniversary of the closing.

In addition, Fura will assume certain expenses of Esmeracol not exceeding US$5 million. If Esmeracol earns a net profit of US$17 million or more in a fiscal year, then Fura will pay to Emporium an additional one-off bonus of US$3 million.

The common shares issued to Emporium are subject to a four month statutory hold period. The transaction was an arm's length transaction for the purposes of the TSXV policies and Fura has not paid any finder's fee relating thereto.

Technical information in respect of the Coscuez property is available in the technical report entitled "Technical report on the 122-95M emerald license in the Boyacá district, Colombia", dated with an effective date of November 15, 2017 filed under Fura's SEDAR profile at www.sedar.com.

For more information, please contact:

Fura Gems Inc.  
Dev Shetty - President & Chief Executive Officer

Tel: +971 (0) 4 240 8760
dev.shetty@furagems.com 
Investor Relations  
Vikram Pathak Tel: 1-647-276-7816
vikram.pathak@furagems.com

About Fura Gems Inc.

Fura Gems Inc. is engaged in the exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada and its administrative headquarters are located in the Almas Tower, Dubai. Fura is listed on the TSX Venture Exchange under the ticker symbol "FURA".

Fura owns an 80% effective interest in four ruby licences (4392, 3868, 3869 and 6811) in Mozambique. Fura is also engaged in the exploration of resource properties in Colombia and owns a 100% interest in the emerald licence ECH -121.  In addition, Fura owns 76% of the issued and outstanding shares of Esmeracol S.A., which wholly owns the Coscuez emerald mine in Boyacá, Colombia.

Regulatory Statements

This press release may contain "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the prospectivity of the Coscuez Licence, the Company's ability to raise capital, the Company's ability to make the deferred payments to Emporium; the Company's proposed activity at the Coscuez mine; the Company's exploration activities and the Company's performance. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the risk with respect to the ability of Fura to finance the additional payments relating to the acquisition; uncertainties with respect to the successful integration of  Esmeracol  to Fura's business; general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations, uncertainties with respect to Coscuez deposit, which has never been subject to modern mining methods; legacy environmental risks, title risks and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Fura Gems Inc. via Globenewswire

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Luxembourg Announced as SNOMED International's Newest Member24.5.2018 15:16Pressmeddelande

London, United Kingdom, May 24, 2018 (GLOBE NEWSWIRE) -- SNOMED International and Agence eSanté Luxembourg are pleased to announce that Luxembourg has joined the organization as its thirty-second Member. Luxembourg, one of the leading nations in the area of information and communication technology, has set the development of eHealth technologies as a high priority. Agence eSanté, Luxembourg's national agency for the exchange and sharing of medical data, has set an overall mission to facilitate clinical information exchange both within Luxembourg and across other international actors. To work towards this reality, the agency has taken part in discussions about standardization across Europe, a contributing building block achieved with its membership in SNOMED International. With their membership, Agence eSanté has committed their support for the use of structured clinical terminology. When applied to the health sector, interoperability ensures that information systems, and through them h

SEMAFO Signs Underground Mining Services Contract with AUMS24.5.2018 14:00Pressmeddelande

MONTREAL, May 24, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) reports that it has signed a mining services contract with African Underground Mining Services ("AUMS") to provide turnkey mining services for Siou underground. AUMS is a well-known and reputable mining contractor with underground experience in Burkina Faso and across Africa. Under the mining services contract, AUMS will be responsible for supplying the mining fleet and a skilled labour force for Siou underground in addition to ensuring development, production and auxiliary services. SEMAFO will provide technical services including geology and engineering as well as leveraging the existing surface infrastructure at Mana. The mining services contract has a term of 70 months. The economic terms of the mining services contract are consistent with the economics presented in the Mana pre-feasibility study filed March 29, 2018 on SEDAR. Preparatory work has already commenced on Siou underground with full project deplo

Merus Announces First Patient Dosed in Phase 1 Clinical Trial of MCLA-158 in Patients with Solid Tumors24.5.2018 13:00Pressmeddelande

- IND Accepted in April by the U.S. FDA for MCLA-158 - UTRECHT, The Netherlands, May 24, 2018 (GLOBE NEWSWIRE) -- Merus N.V. (Nasdaq:MRUS), a clinical-stage immuno-oncology company developing innovative bispecific antibody therapeutics (Biclonics®), today announced that the first patient has been dosed in a Phase 1, first-in human clinical trial of MCLA-158 in patients with solid tumors with an initial focus on metastatic colorectal cancer. The trial will be conducted in Europe, where several Clinical Trial Applications (CTAs) have been approved to date. The Company also announced the submission of an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for MCLA-158, which was accepted by the FDA in April 2018. With this acceptance, Merus plans to open additional sites for this trial in the United States. MCLA-158 is designed to bind to cancer stem cells expressing leucine-rich repeat-containing G protein-coupled receptor 5 (Lgr5) and epidermal grow

PRA Named International Clinical Research Company of the Year24.5.2018 10:00Pressmeddelande

RALEIGH, N.C., May 24, 2018 (GLOBE NEWSWIRE) -- PRA Health Sciences, Inc. (NASDAQ:PRAH) is pleased to announce it was recognized by PharmaTimes as the International Clinical Research Company of the Year. This is the fifth year in a row that PRA has received this award. "This award celebrates excellence in the clinical research industry and we are honored to once again be recognized by our peers," said Colin Shannon, President and Chief Executive Officer. "This award is possible thanks to the incredibly talented PRA team members we have working around the world who are deeply committed to their work in bringing new and life-saving therapies to the patients who need them." PRA also swept the Clinical Research Associate and Clinical Trial Administrator categories capturing a total of 11 awards. These awards follow PRA's recognition earlier this month in the PharmaTimes Americas competition where PRA also received 11 awards, including Company of the Year. The PharmaTimes, International Cli

Immunicum AB: Inbjudan till investerarträff24.5.2018 08:00Pressmeddelande

Pressmeddelande 24 maj 2018 Immunicum AB: Inbjudan till investerarträff Immunicum AB (publ; IMMU.ST) meddelade i dag att bolaget kommer att anordna en investerarträff i Kalmar den 13 juni kl. 18:00 CEST. Carlos de Sousa, Immunicums VD, kommer att hålla en presentation av det dagsaktuella läget, och han och övriga i ledningen kommer vara tillgängliga för att svara på frågor. Kalmar Datum: Onsdag 13 juni 2018 Tid: 18:00 - 20:00 CEST Plats: Kalmar Slott, Kungsgatan 1, 392 33 Kalmar För att delta på träffen, skicka ett mejl till events@immunicum.com med ditt fullständiga namn. För ytterligare information kontakta: Carlos de Sousa, VD, Immunicum Telefon: +46 (0) 31 41 50 52 E-post: info@immunicum.com Michaela Gertz, Finanschef, Immunicum Telefon: +46 (0) 31 41 50 52 E-post: ir@immunicum.com Media Relations Gretchen Schweitzer och Joanne Tudorica Trophic Communications Telefon: +49 172 861 8540 E-post: ir@immunicum.com Om Immunicum AB (publ) Immunicum etablerar ett unikt angreppssätt inom im

Immunicum AB: Invitation to Investor Event24.5.2018 08:00Pressmeddelande

Press Release 24 May 2018 Immunicum AB: Invitation to Investor Event Immunicum AB (publ; IMMU.ST) announced today that the Company will host an investor event in Kalmar on June 13 starting at 18:00 CEST. Carlos de Sousa, CEO of Immunicum, will give the current corporate presentation and he and other members of the Immunicum leadership team will be available for a question and answer session. Kalmar Date: Wednesday, June 13, 2018 Time: 18:00 - 20:00 CEST Location: Kalmar Slott, Kungsgatan 1, 392 33 Kalmar To register to attend the event, please send an email to events@immunicum.com with your full name. For more information, please contact: Carlos de Sousa, CEO, Immunicum Telephone: +46 (0) 31 41 50 52 E-mail: info@immunicum.com Michaela Gertz, CFO, Immunicum Telephone: +46 70 926 17 75 E-mail: ir@immunicum.com Media Relations Gretchen Schweitzer and Joanne Tudorica Trophic Communications Telephone: +49 172 861 8540 E-mail: ir@immunicum.com About Immunicum AB (publ) Immunicum is establis

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum