Coloured gemstone producer Fura Gems, which is listed on the Toronto Stock Exchange (TSX) Venture Exchange, announced it was completing a private placement of 121.5 million shares of the company for C$30.38 million (US $22.6 million).
Fura said the funds will be used to advance its Coscuez emerald project in Colombia and its ruby assets in Mozambique as well as for general corporate purposes.
Fura President and CEO Dev Shetty commented, “The successful completion of this offering would be a significant milestone as it would allow the company to continue to build value for its shareholders by advancing its projects in Colombia and Mozambique. Given Fura’s track record of successfully raising capital, I’m confident that we’ll be able to complete the offering in a timely fashion.”
The closing date of the private placement is expected to be on or about June 28 and remains subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Though Fura is headquartered in Toronto, its operational headquarters are in the Almas Tower in Dubai. The company holds a 76 percent interest in the Coscuez emerald mine in Colombia and an 80 percent interest in four ruby licences in Mozambique.