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Fura Gems Inc raises $5.2mln in private placement to fund development of assets in Colombia and Mozambique

The gemstone miner said it had issued around 13.1mln shares at a price of $0.40 per share, a 25% premium to its last close price

Funding
The proceeds will fund exploration and development of the firm's emerald and ruby assets

Fura Gems Inc (CVE:FURA) has raised around $5.2mln in a private placement that will be used to fund exploration and development of its assets.

The gemstone miner said it had issued around 13.1mln shares at a price of $0.40 per share, a 25% premium to its last close price.

READ: Fura Gems to fetch Mustang ruby assets for less under loan agreement

Fura said it would use the proceeds of the placing to fund the exploration and development of its emerald and ruby assets in Colombia and Mozambique, as well as for general corporate purposes.

The firm added that it had also appointed Guarav Gupta to its board of directors with immediate effect.

Quick facts: FURA Gems

Price: 0.145 CAD

TSX-V:FURA
Market: TSX-V
Market Cap: $39.45 m
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Full interview: Fura Gems does the rare trifecta with projects for Ruby...

Fura Gems (CVE: FURA) President and CEO Dev Shetty joined Steve Darling from Proactive in Vancouver on Skype from Dubai with news the company has closed on two key transactions that give them operation in Australia and Mozambique along with their other project in Colombia.  Shetty...

on 19/2/20

2 min read