07:44:42 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fura Gems Inc
Symbol FURA
Shares Issued 272,035,485
Close 2020-05-27 C$ 0.14
Market Cap C$ 38,084,968
Recent Sedar Documents

Fura closes $7.18-million final tranche of placement

2020-05-27 15:51 ET - News Release

Mr. Dev Shetty reports

FURA CLOSES SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT

Fura Gems Inc. has closed its second and final tranche of a previously announced non-brokered private placement financing of common shares for gross proceeds of $7,188,898. For more information on the offering and the first tranche, please see Fura's press releases dated May 15, 2019, June 27, 2019, Aug. 15, 2019, and Oct. 10, 2019, and the company's management information circular dated July 2, 2019, each of which is available under Fura's profile on SEDAR.

Pursuant to the final tranche, Fura issued 28,755,592 common shares at a price of 25 cents per share. In total, pursuant to the offering, the company received total gross proceeds of $33,877,500 and issued 135.51 million common shares at a price of 25 cents per common share. Immediately following completion of the final tranche, the company had 272,035,485 common shares issued and outstanding.

The net proceeds of the final tranche are expected to be used for: (i) the advancement of Fura's Coscuez emerald project in Colombia, ruby assets in Mozambique and sapphire assets in Australia; (ii) the closing of the company's continuing acquisition of interests in two ruby licences/concessions in Mozambique as follows: (A) a 70-per-cent interest in ruby mining licence 5030L through the acquisition of 70 per cent of the issued and outstanding shares of Rubies Resources SA; and (B) an 80-per-cent interest in ruby mining concession 8921C through the acquisition of 80 per cent of the issued and outstanding shares of Ibra Moz SA; (iii) the acquisition for cancellation from New Energy Minerals Ltd. of a right to earn a 65-per-cent interest in mining concession 8955C under a joint venture agreement; and (iv) general corporate purposes.

The shares issued in connection with the final tranche are subject to a statutory four-month hold period, which expires on Sept. 28, 2020, and the closing of the final tranche is subject to receipt of final approval of the exchange. No finders' fees were paid in connection with the offering, including the final tranche.

A related party subscribed for all of the shares under the final tranche, as described in the circular. Minority shareholder approval for the related-party participation was previously obtained by Fura at the annual and special meeting of shareholders held on Aug. 2, 2019. The related-party participation is exempt from the formal valuation requirement of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) by virtue of Section 5.5(b) of MI 61-101. Please refer to the circular for more information.

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 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 involved in the exploration and mining of sapphires in Australia through its 100-per-cent interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) and rubies in Mozambique through its 80-per-cent effective interest in four ruby licences (4392L, 3868L, 3869L and 6811L) and its 100-per-cent interests in ruby licence 5572L and 7414L and ruby concession 8955C.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.