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.