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Fura Closes $4M Private Placement, Appoints New Director

Coloured gemstone producer Fura Gems Inc. announced that its non-brokered private placement of shares worth C$5.3 million (US$4 million) has been fully subscribed and is now closed. The Shares were issued at premium of 25 percent to the company’s stock closing price on the Toronto stock exchange on December 10.

As announced before, Fura intends to use the proceeds of the offering for the exploration and development of its emerald and ruby assets in Colombia and Mozambique respectively, and for general corporate purposes. 

Fura also announces the appointment of Gaurav Gupta to its board of directors, effective immediately. His appointment follows the resignation of Roberto Schrader from the company’s board. Fura said Gupta is an entrepreneur with over 20 years of experience in international trade in the industrial goods, manganese ore and gold. He is a chartered accountant. 

Fura is engaged in the exploration of resource properties in Colombia and owns a 76 percent interest the Coscuez emerald mine in Boyacá, Colombia. It is also involved in the exploration and mining of rubies in Mozambique through its 80 percent interest in four ruby licenses in that country.

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