Fura Gems Inc (CVE:FURA) (OTCMKTS:FUGMF), a gemstone mining and marketing company with emerald, ruby and sapphire assets in Colombia, Mozambique and Australia, has drawn down an additional US$4.1 million from a US$28.6 million long-term loan facility.
With the third advance, no further funds remain available for drawdown under the grid promissory note, the Toronto-based company said in a statement Thursday.
READ: Fura Gems closes final tranche of $33.9 million private placement to advance global gemstone project portfolio
The funds advanced under the note are initially unsecured, will bear an annual interest rate of 10% and have a maturity date of August 31, 2021. The principal amount of the loan, as well as accrued interest, will be payable on the maturity date.
Fura said the proceeds under the third advance are expected to be used for the advancement of its Coscuez emerald project in Colombia, its ruby projects in Mozambique and its sapphire projects in Australia. The proceeds will also go toward general corporate purposes.
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