Fura Gems gemstone collage
Gemstone mining company Fura Gems has entered into a share purchase agreement with Azores Overseas to acquire a ruby prospecting licence in the Montepuez district of Cabo Delgado province, in Mozambique.
Fura president and CEO Dev Shetty said the company is pleased to further consolidate its position in the main ruby belt of the Montepuez district of Mozambique, giving Fura further access to both the secondary alluvial and the primary deposits of rubies in the region.
The consideration of the transaction is $381 000 in cash and the issue of 2.5-million common shares of Fura to Azores.
The transaction is expected to close by September 30.
Earlier this month, Fura entered into an agreement to acquire an interest in nine ruby assets in Mozambique from ASX-listed Mustang Resources and Regius Resources Group for A$15-million.