On October 28, 2020, Fura Gems Inc., (the “Company”) completed an amalgamation (the “Amalgamation”) with 2771063 Ontario Inc., a wholly owned subsidiary of Lord of Seven Hills Holdings FZE (the “Purchaser”) pursuant to the Business Corporations Act (Ontario) (the “Amalgamation”) 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 was redeemed for cash consideration of CAD$0.15 per share. After the closing of the Amalgamation, the Common Shares were de-listed from the TSX Venture Exchange.
Fasken advised the Company with a team led by Nancy Eastman, Taisha Lewis and Matthew Bennett.