In accordance with the MRAA, on July 26, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop-dead date of the MRAA from July 31, 2019 to August 31, 2019.
The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”).
The transaction remains subject to the approval of the TSX Venture Exchange.