Yes I know they claim $10 million as the headline, but you need...

Yes I know they claim $10 million as the headline, but you need to look into the details to calculate the actual value of the shares. They are using a very high valuation of the Fura shares to get to the $10 million value. The SP of Fura has fallen since this deal was announced so they are probably more like $4 million now. The current Fura SP is $CAD0.34.

Details of the Transaction

Fura and its wholly owned subsidiary entered into a merger of ruby assets agreement (the “Agreement” dated 14 July 2018 with Mustang Resources Ltd. (“Mustang”. Pursuant to the Agreement, Fura will acquire controlling ownership in various entities owned by Mustang that hold rights to earn majority interests in 3 mineral concessions (being exploration licence 5030L and mining concessions 8955C and 8921C) in Mozambique as well as ownership of all existing site and ruby processing plant infrastructure (the “Assets”.

The consideration payable to Mustang pursuant to the Agreement is A$10,000,000 and shall be payable as outlined below:

• Common shares in the capital of Fura (the “Consideration Shares” with a value equal to A$3,333,333 with such Consideration Shares to be issued at CAD$0.50, to be issued on or before 30 November 2018.

• Consideration Shares with a value equal to A$3,333,333 with such Fura Shares to be issued at CAD$1.40 to be issued on or before 30 November 2019.

• Consideration Shares with a value equal to A$3,333,333, with such Fura Shares to be issued at CAD$1.80 to be issued on or before 30 July 2020.

All of the Consideration Shares issued pursuant to the Agreement will be subject to lock-up agreements pursuant to which Mustang shall be restricted from selling or transferring such securities during the twelve months following the issuing of each tranche and a further 12 month period wherein the securities have to be provided to Fura preferentially for orderly placement.