Fura Gems Inc., has announced its plan to complete a private placement offering of up to 121,500,000 common shares of the Company at a price of C$0.25 per share for gross proceeds of up to C$30,375,000 (the Offering).

Dev Shetty, Fura’s President and Chief Executive Officer, commented: “The successful completion of this Offering would be a significant milestone for the Company 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.”

A new gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively, Fura plans to utilise the net proceeds of the Offering  for (i) the advancement of its Coscuez emerald project in Colombia and ruby assets in Mozambique, and (ii) for general corporate purposes.

The  Offering is expected to close on or about June 28, 2019, and remains subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange, Fura stated, adding that all Fura common shares issued pursuant to the Offering will be subject to a regulatory hold period of four months and one day.