- Gemstone miner Fura Gems (FURA) has successfully amalgamated with 2771063 Ontario, a subsidiary of Lord of Seven Hills Holdings FZE
- Approximately 99.6 per cent of Fura’s shareholders approved the going-private transaction earlier this month
- Through the amalgamation, Lord of Seven Hills acquired all of Fura’s shares for C$0.15 each
- The company expects that its common shares will be delisted from the TSX Venture Exchange around October 30, 2020
- Fura Gems (FURA) last traded on October 27 for $0.14 per share
Gemstone miner Fura Gems (FURA) has successfully amalgamated with 2771063 Ontario, a subsidiary of Lord of Seven Hills Holdings FZE.
Lord of Seven Hills is a company which is registered within the Fujairah Free Zone. The Free Zone is a special economic zone within Fujairah, one of the seven emirates which makes up the United Arab Emirates.
The emirate’s free zone provides a tax-free environment for companies such as Lord of Seven Hills.
The company announced the takeover by Lord of Seven Hills earlier this year and signed an agreement for its acquisition in August.
Fura Gems’ amalgamation with the wholly owned subsidiary, 2771063 Ontario, received strong support from the company’s shareholders. At an annual and special meeting of shareholders on October 6, approximately 99.6 per cent of Fura’s shareholders approved the going-private transaction.
Prior to the amalgamation, Lord of Seven Hills already owned around 140 million shares in Fura Gems. This represented approximately 51.1 per cent of the company’s issued and outstanding securities.
Through the amalgamation, Lord of Seven Hills cancelled all of the remaining common shares in Fura Gems. The shares were exchanged for a redeemable preferred share of the amalgamated corporation, on a one-for-one basis.
Each redeemable preferred share is being redeemed for a cash consideration of C$0.15 per share.
Fura Gems now expects that its common shares will be delisted from the TSX Venture Exchange in a few days, most likely around October 30, 2020.
The company will apply to the Canadian securities regulatory authorities, in order to stop being a reporting issuer. Once Fura Gems is no longer a reporting issuer, the company will not be subject to ongoing continuous disclosure and reporting obligations.
Fura Gems (FURA) last traded on October 27 for $0.14 per share.