Fura Gems Inc. (TSXV:FURA) entered into an agreement to acquire 75% stake in Montepuez Minerals Pty Ltd. from New Energy Minerals Ltd (ASX:NXE) on July 14, 2018. In addition, Fura Gems Inc. will acquire a right to earn a 65% interest in mining concession 8955C under a joint venture agreement. Total consideration payable by Fura Gems is AUD 9.99 million of Fura Gems' common shares, to be issued in three equal tranches of AUD 3.33 million each at closing of the acquisition, within 12 months of closing and within 20 months of closing. As of November 26, 2018, the agreement between the parties was amended. The consideration will now be AUD 2.8 million in cash. In a related transaction, Fura Gems Inc. entered into an agreement to acquire manning concessions from Regius Resources Group Ltd. The consideration will be financed from a private placement of CAD 30.4 million (AUD 31.2 million). As of February 10, 2020, Fura Gems has secured a loan agreement and the proceeds of the loan are expected to use for the acquisition of 100% interest in each ruby mining and ruby exploration license. As of January 7, 2020, consideration for the acquisition of the New Energy assets was amended to a cash payment of AUD 1.4 million and AUD 2.8 million loan agreement between Fura Gems and New Energy Minerals is formally terminated noting that no draw-down under the loan agreement was possible due to the no satisfaction of its conditions precedent.

The closing of the acquisition is subject to the satisfaction of customary conditions precedent, including, inter alia, receipt of ministry and joint venture authorizations, Mozambican Government approval, approval of the TSXV, ASX, approval by shareholders of New Energy Minerals (if required) and the provision of applicable legal opinions concerning the title to the assets. As of August 15, 2018, the Arena Investors L.P, a shareholder of Mustang Resources Limited approved the deal. As of April 23, 2020, the transaction has been approved by the Ministry of Mineral Resources and Energy of Mozambique. The acquisition is expected to be completed by November 30, 2018. As of November 29, 2018, transaction is expected to close on February 28, 2019. As of March 4, 2019, acquisition is expected to be completed by March 31, 2019. On March 29, 2019, Fura Gems gave New Energy Minerals written notice to extend the closing date from March 31, 2019 to April 30, 2019. On April 29, 2019, Fura Gems gave New Energy Minerals written notice to extend the closing date from April 30, 2019 to May 31, 2019. On May 28, 2019, Fura Gems gave New Energy Minerals written notice to extend the closing date from May 31, 2019 to June 30, 2019. On June 28, 2019, Fura Gems extended the closing of the transaction till July 31, 2019. On July 29, 2019, Fura Gems extended the closing of the transaction till August 31, 2019. As on August 30, 2019, Fura Gems extended the closing of the transaction till September 30, 2019. Fura has given the Company written notification of the extension of the Drop Dead Date, for closing of the ruby assets sale transaction with Fura under the Amending Agreement from 30 September 2019 to 31 October 2019. As on October 30, 2019, the transaction is expected to close on November 30, 2019. Fura has given the Company written notification of the extension of the Drop Dead Date, for closing of the ruby assets sale transaction with Fura under the Amending Agreement from November 30, 2019 to December 31, 2019. As on November 29, 2019, the transaction is expected to close on December 31, 2019. As of December 30, 2019, the transaction is expected to close on January 31, 2020. As of January 28, 2020, the transaction is expected to close on February 29, 2020 to allow for the satisfaction of the outstanding conditions precedent, principally the receipt of Ministerial approval. As of March 30, 2020, the transaction is expected to close on June 30, 2020. Andrew Chubb and Nilesh Patel of Hannam & Partners Advisory Limited acted as financial advisors and Julien Naginski of Chammas & Marcheteau acted as legal advisor for Fura.

Fura Gems Inc. (TSXV:FURA) completed the acquisition of 75% stake in Montepuez Minerals Pty Ltd. from New Energy Minerals Ltd (ASX:NXE) on June 23, 2020.