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Fura Private Placement Of $7.6M Will Go Toward Merging Ruby Assets

Coloured gemstone producer Fura Gems, which has emerald and ruby assets in Colombia and Mozambique respectively, announced a private placement of 25 million common shares at a price of C$0.40 (US$0.31) each for total proceeds of C$10 million (US$7.62 million).

The net proceeds of the offering will be used:

  • To complete the merger of its Mozambique ruby assets with Mustang Resources Ltd. and Regius Resources Group Ltd.
  • To complete the acquisition of another ruby prospecting licence in Mozambique.
  • For general corporate purposes.

Fura said the offer is expected to close on or about August 24 and remains subject to a number of conditions including the receipt of all necessary regulatory approvals along with the approval of the TSX Venture Exchange.

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