Fura Gems Inc. exercised the option to acquire Two Mining Permits and Three Mining Licenses for Sapphire Mining Project from Richland Resources Ltd for CAD 1.1 million.
The closing is subject to the satisfaction of customary conditions including, inter alia, the Richland Resource's shareholders' approval, receipt of customary Bermuda Monetary Authority authorizations, completion of the renewals of ML 70419 and ML 70447, approval of the TSXV, approval of AIM and the provision of applicable legal opinions concerning the title to the Licenses. As of August 19, 2019, Richland Resources shareholders have approved the transaction. The longstop date is November 15, 2019. As on November 15, 2019, the longstop has been extended to November 30, 2019. As on November 29, 2019, the longstop date has been extended to December 7, 2019. As on December 6, 2019, the longstop date has been extended to December 14, 2019. As of December 16, 2019, the long stop date has been extended to December 20, 2019. As of December 20, 2019, the long stop date has been extended to December 31, 2019. The net proceeds will be utilized to repay the existing Secured Convertible Loan Facility. James Harris, Matthew Chandler and James Dance of Strand Hanson Limited acted as financial advisors to Richland Resources.