FURA announces private placements

Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43), a new gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively, intends to complete a private placement offering of up to 25 million common shares of the Company at a price of CAD$0.40 per share for gross proceeds of up to CAD$10 million (the “Offering”). In connection with the Offering, Fura has engaged Hannam & Partners and Panmure Gordon (UK) Limited as Fura’s financial advisers.

The net proceeds of the Offering will be used: (i) to complete the merger of ruby assets transaction with Mustang Resources Ltd. and Regius Resources Group Ltd., as previously announced on July 16, 2018, (ii) to complete the acquisition of a ruby prospecting licence No. 5572L, as previously announced on July 26, 2018, and (iii) for general corporate purposes.

The closing date of the Offering is expected to occur on or about August 24, 2018 and remains subject to a number of conditions, including without limitation, receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All Fura common shares issued pursuant to the Offering will be subject to a regulatory hold period of four months and one day.

Courtesy: The Retail Jeweller News Service