FURA Gems Inc. (TSXV:FURA) (OTC:FUGMF) (FRA:BJ43) plans to raise C$5.249mln via a private placement offering of up to 13.1225mln common shares in the company.
The offering price of C$0.40 per share represents a premium of 27% to the closing price of FURA's common shares on the most recent trading day on the TSX Venture Exchange.
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The group said the net proceeds of the offering are expected be used for exploration and development of the company's emerald and ruby assets in Colombia and Mozambique, respectively, and for general corporate purposes.
It added that the closing date of the offering is expected to occur on or about December 7, 2018 and remains subject to a number of conditions, including without limitation, the approval of the TSX Venture Exchange.
The firm said all FURA common shares issued under the offering will be subject to a regulatory hold period of four months and one day.