Fura Gems Inc. (TSXV:FURA) agreed to acquire Vedas International DMCC from Gemrock Mozambique, Limitada for $3.8 million on February 4, 2020. Vedas International DMCC holds a 100% interest in SLR Mining, Limitada and a 20% interest in Ibra Moz SA. The acquisition includes 100% participating interests in SRL Mining, Limitada, a Mozambican mining company holding each of ruby mining concession 8955C and ruby exploration licence 7414L and 20% free carried and non-dilutive participating interest in Ibra Moz SA, a Mozambican mining company holding ruby mining concession 8921C. The consideration of $4.5 million in cash is paid with the execution of the agreement and $3.3 million in cash to be paid to GemRock upon the Company obtaining formal approval from the Ministry of Mineral Resources and Energy of Mozambique (“MIREME”) for the acquisition of the target companies. The consideration is financed through $5.5 million loan from a private company lender at an interest rate of 10% per annum and maturity date of July 31, 2020. The transaction is subject to approval of Ministry of Mineral Resources and Energy of Mozambique.