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Fura Completes Amalgamation Transaction

·2 min read

TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Fura Gems Inc. (Fura” or the “Company”) (TSXV: Fura, OTC: FUGMF and FRA: BJ43) is pleased to announce the successful completion of its previously announced amalgamation (the “Amalgamation”) with 2771063 Ontario Inc., a wholly owned subsidiary of Lord of Seven Hills Holdings FZE (the “Purchaser”). The Amalgamation was approved by the shareholders of the Company (the “Shareholders”) at the Company’s annual and special meeting of Shareholders held on October 6, 2020. The Amalgamation was completed pursuant to the Business Corporations Act (Ontario), on the terms set out in the acquisition agreement dated August 14, 2020. Pursuant to the Amalgamation, each outstanding common share of Fura (the “Common Shares”), other than Common Shares already held by the Purchaser, were cancelled and exchanged for a redeemable preferred share of the amalgamated corporation on a one-for-one basis and each redeemable preferred share is being redeemed for cash consideration of CAD$0.15 per share.

Shareholders who have questions or require assistance with submitting their Common Shares in connection with the Amalgamation may direct their questions to TSX Trust Company, which is acting as depository for the Amalgamation, toll free at 1-866-600-8569 or by email at tmxeinvestorservices@tmx.com. Further information regarding the Amalgamation is available in the management information circular of the Company dated September 4, 2020, which is available under Fura’s SEDAR profile at www.sedar.com.

Delisting and Reporting Issuer Status

It is anticipated that the Common Shares will be delisted from the TSX Venture Exchange on or about October 30, 2020. The Company will apply to the Canadian securities regulatory authorities to cease to be a “reporting issuer” under applicable Canadian securities legislation. Once the Company ceases to be a reporting issuer, the Company will no longer be subject to the ongoing continuous disclosure and reporting obligations currently imposed upon the Company as a reporting issuer under such legislation.

For Further Information Contact:

Fura Gems Inc.

Dev Shetty – President & Chief Executive Officer

Tel: +971 (0) 4 240 8760
dev.shetty@furagems.com