Mr. Dev Shetty reports

FURA CLOSES PRIVATE PLACEMENT AT PREMIUM TO MARKET PRICE AND ANNOUNCES BOARD APPOINTMENT

Fura Gems Inc. has closed, on a fully subscribed basis, a non-brokered private placement financing of common shares for gross proceeds of $5,249,000. Pursuant to the offering, Fura issued 13,122,500 shares at a price of 40 cents per share. The shares were issued at premium of 25 per cent to the closing price of the shares on the TSX Venture Exchange on Dec. 10, 2018.

Following completion of the offering, there are 134,417,100 Fura shares issued and outstanding.

Fura intends to use the proceeds of the offering for the exploration and development of the company's emerald and ruby assets in Colombia and Mozambique, respectively, and for general corporate purposes.

The shares issued in connection with the offering are subject to a statutory four-month hold period expiring on April 11, 2019, and the closing of the offering is subject to receipt of final approval of the TSX Venture Exchange. No finders' fees were paid in connection with the offering.

Fura also announces the appointment of Guarav Gupta to its board of directors, effective immediately.

Mr. Gupta is an entrepreneur with over 20 years of experience in international trade in the industrial goods, manganese ore and gold. Mr. Gupta holds a bachelor of commerce degree from the University of Delhi, India, and is a chartered accountant.

The appointment of Mr. Gupta follows the resignation of Roberto Schrader from the company's board of directors. The board and management of Fura express their gratitude to Mr. Schrader 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 is located in Toronto, Canada, and its administrative headquarters is located in the Almas Tower, Dubai.

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