Lord Of Seven Hills Holdings Fze entered into a nonbinding term sheet to acquire remaining 48.5% stake in Fura Gems Inc. (TSXV:FURA) from a group of sellers for CAD 19.8 million on June 22, 2020, Lord Of Seven Hills Holdings Fze entered into an agreement to acquire remaining 48.5% stake in Fura Gems Inc. from a group of sellers on August 14, 2020. Lord of Seven currently, directly or indirectly, holds 140,048,752 common shares, representing approximately 51.5% and agreed to acquire the remaining stake for CAD 0.15 per share. Fura will be delisted upon completion of the agreement. Fura arranged for bridge financing from Lord Of Seven Hills. The acquisition agreement also provides for a termination fee of $0.5 million (CAD 1.32260 million) payable by Fura if the acquisition agreement is terminated in certain circumstances.

The initial board of directors of combined entity which will be named as "Fura Germs Inc." shall consists of minimum of one and a maximum of ten directors which consists of Michael Kuan, Abhijit Chakraborty and Fred Leigh. Completion of the transaction is subject to regulatory approvals, approval from majority of minority shareholders of Fura Gems and other customary conditions. The transaction also requires that shareholders holding no more than 5% of the outstanding common shares not held by the Lord Of Seven Hills' parent shall have validly exercised their dissent rights and the transition services agreement having been entered into. All of the Directors and officers of Fura, together with certain other Fura shareholders, Indivar Pathak, Aberdeen International Inc., 1809276 Ontario Inc., Sulliden Mining Capital Inc., 2227929 Ontario Inc., Fred Leigh, Hannele Bharti, Ashim Roy, Aaron Atin Professional Corporation, Damian Lopez Consulting Professional Corporation, Gaurav Gupta, Michael Kuan, 2051580 Ontario Inc. and Devidas Shetty, collectively representing approximately 20% of the issued and outstanding Common Shares, have entered into support and voting agreements pursuant to which they have agreed to support and vote in favor of the amalgamation at the meeting. Following review and in consideration of, amongst other things, the fairness opinion, the Special Committee has unanimously recommended that the Board approve the transaction. The Board established a Special Committee comprised of Directors independent from the transaction to review the proposal. Fura intends to call a meeting of shareholders to be held in early October 2020 to, seek shareholder approval for the merger. As of September 4, 2020, Fura Gems announced that the annual and special meeting of its shareholders will be held on October 6, 2020 to approve the transaction. The Board of Fura Gems recommends the shareholders to vote in favor of transaction. As of October 6, 2020, the transaction has been approved by shareholders of Fura.

The transaction is expected to close in mid-October 2020. As of October 24, 2020, the transaction is expected to close on or about October 28, 2020. Michael Rennie, Sanjeev Patel and Katy M. Pitch of Wildeboer Dellelce LLP acted as legal counsel to Lord Of Seven, Eight Capital is acting as the Financial Advisor to the Special Committee of Fura Gems. Taisha Lewis and Nancy Eastman of Fasken Martineau DuMoulin LLP acted as legal counsel to Fura and the Special Committee. Eight Capital acted as a fairness opinion provider for the Special Committee of Fura Gems. TSX Trust Company acted as depository and D.F. King Canada acted as proxy solicitor for Fura Gems. D.F. King will receive approximately CAD 22,500 for its assistance.