02:04:17 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fura Gems Inc
Symbol FURA
Shares Issued 95,927,031
Close 2018-09-14 C$ 0.36
Market Cap C$ 34,533,731
Recent Sedar Documents

Fura Gems closes $10.04-million financing

2018-09-17 08:07 ET - News Release

Mr. Dev Shetty reports

FURA CLOSES PRIVATE PLACEMENT FINANCING AND ANNOUNCES BOARD APPOINTMENT

Fura Gems Inc. has closed, on a fully subscribed basis, its previously announced private placement of common shares. The company issued 25,117,569 common shares pursuant to the financing at a price of 40 cents per share for aggregate gross proceeds of $10,047,028. Hannam & Partners and Panmure Gordon (UK) Ltd. acted as Fura's financial advisers in connection with the financing.

The net proceeds of the financing will be used: (i) to complete the merger of ruby assets transaction with Mustang Resources Ltd. and Regius Resources Group Ltd., as previously announced on July 16, 2018, (ii) to complete the acquisition of a ruby prospecting licence No. 5572L, as previously announced on July 26, 2018, and (iii) for general corporate purposes. All Fura common shares issued pursuant to the financing will be subject to a regulatory hold period of four months and one day expiring on Jan. 18, 2019.

In connection with the financing, the company has paid finders a cash commission of $139,384 and issued 145,192 finder warrants. Each finder warrant shall entitle the holder to acquire one Fura common share at a price of 40 cents for a period of 24 months following the closing date of the financing.

Fura also announces the appointment of G. Scott Moore to its board of directors, effective immediately.

Mr. Moore is a business executive with over 25 years of experience in the resource and durable goods sectors. He is presently the president and chief executive officer of Euro Sun Mining Inc. Mr. Moore holds a bachelor of arts degree from the University of Toronto and an MBA from the Kellogg School of Management.

The appointment of Mr. Moore follows the resignation of Joe Carrabba from the company's board of directors. The board and management of Fura express their gratitude to Mr. Carrabba for his efforts and extensive contributions and wish him well in his future endeavours.

About Fura Gems Inc.

Fura Gems is a gemstone mining and marketing company which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada, and its administrative headquarters are located in the Almas Tower, Dubai.

Fura is engaged in the exploration of resource properties in Colombia and owns a 76-per-cent interest in the Coscuez emerald mine in Boyaca, Colombia. Fura is also involved in the exploration and mining of rubies in Mozambique through its 80-per-cent effective interest in the four ruby licences (4392L, 3868L, 3869L and 6811L).

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