Proactive Investors - Run By Investors For Investors

New Energy Minerals advised of one-month extension to ruby merger agreement closing date

Fura Gems Inc is awaiting a binding tax opinion from tax authorities in Mozambique and Ministerial approval of the transaction.
Merger and acquisition key on a keyboard
The closing date for the agreement has been extended to March 31

New Energy Minerals Ltd (ASX:NXE) has been advised of a one-month extension to the closing date of the Merger of Ruby Assets Amending Agreement with Fura Gems Inc (CVE:FURA).

This agreement covers disposal of New Energy’s non-core ruby assets in Mozambique.

Fura Gems has notified New Energy that the extension of the ‘Drop Dead Date’ to March 31, 2019, will allow for satisfaction of outstanding conditions precedent.

Awaiting government decisions

The primary conditions, which are outside the control of the parties, are receipt of a binding tax opinion from tax authorities in Mozambique, and Ministerial approval.

READ: New Energy Minerals amends ruby sale agreement to encompass $2.8 million cash payment

Last November, the parties agreed that New Energy would receive $2.8 million in cash from Fura rather than the originally agreed 10.5 million Fura shares.

New Energy also agreed to sell certain gemstone processing related plant and equipment to Fura for more than $489,400 independently of the cash payment.

View full NXE profile View Profile

New Energy Minerals Ltd Timeline

Related Articles

The main access road to Hexagon and MinRes’ McIntosh Graphite Project in WA
January 31 2019
The MinRes JV partner expects a mineral resource update this quarter ahead of study work.
November 22 2018
Lucky Minerals holds a large swathe of land in highly prospective but largely unexplored area
TGME plant
February 06 2019
A scoping study for Theta Hill released in October 2018 delivered a positive result for the shallow, high-grade gold resource.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use