Business
Acquisition of Historical Gravelotte Emerald Mine
Acquisition of Historical Gravelotte Emerald Mine.
About this update from Gem Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n 27 February 2023\n \n \n \n URA Holdings plc\n \n \n \n (\"URA\" or the \"Company\")\n \n \n \n Completion of Acquisition of Historical Gravelotte Emerald Mine, South Africa, Issue of Equity and Total Voting Rights\n \n \n \n URA Holdings plc (LSE: URAH) is pleased to announce that it completed the acquisition of G.E.M Venus Holdings (Proprietary) Limited (\"Gem Venus\"), the ultimate owner of the majority interest in the Gravelotte emerald mine (\"Gravelotte\") located in the Limpopo province of South Africa from Magnum Mining and Exploration Limited (\"Magnum\").\n \n \n \n Highlights\n \n \n \n \n \n \n ·\n Following the completion of the acquisition URA will now issue Magnum 4,000,000 ordinary shares, credited as fully paid (the \"Consideration Shares\"), equal to the consideration due upon completion of £100,000 and calculated using an average mid-market closing price of 2.5p. over the measuring period.\n \n \n ·\n Gravelotte was historically the largest emerald mine in the world and was operational from 1929 to 2002 with total recorded historical emerald production from Gravelotte of nearly 113 million carats:\n \n \n ·\n During\n 2022 URA established an independent maiden JORC (2012) Mineral Resource Estimate of 29 million caratsof contained emerald in just two out of the openpittable deposits on the Gravelotte property\n \n \n ·\n 12 Additional JORC (2012) Exploration Targets totalling between 168 million carats and 344 million carats were also established\n \n \n ·\n The JORC Resource highlights the significant remaining resource and potential of the mine and paves the way to committing to the restart of operations by URA.\n \n \n ·\n Mine, processing plant and infrastructure upgrades currently in progress with the goal of restarting production in 2023, refurbishing existing on-site facilities\n \n \n \n \n \n \n Ed Nealon, Chairman of URA commented:\n \n \"We are delighted to have completed the acquisition of the world r...