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Enter Symbol
or Name
USA
CA



Fura Gems Inc
Symbol FURA
Shares Issued 243,279,893
Close 2020-04-22 C$ 0.12
Market Cap C$ 29,193,587
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Fura Gems draws down $35M (U.S.) from long-term loan

2020-04-23 18:03 ET - News Release

Mr. Dev Shetty reports

FURA DRAWS DOWN US$3.5 MILLION FROM LONG TERM LOAN FACILITY

Fura Gems Inc. has drawn down an additional $3.5-million (U.S.) from its loan facility previously announced on March 10, 2020. An additional $4.1-million (U.S.) remains available for drawdown by the company at a later date, subject to the terms of the grid promissory note issued to the lender in the maximum aggregate principal amount of $28.6-million (U.S.). The funds advanced under the note are initially unsecured, will bear interest at a rate of 10 per cent per annum and have a maturity date of Aug. 31, 2021. The principal amount of the loan as well as accrued interest will be payable on the maturity date. Please see the company's news release dated March 10, 2020, for more information about the note and the terms thereof.

The proceeds of the second advance are expected to be used by Fura for: (i) the advancement of its Coscuez emerald project in Colombia, its ruby projects in Mozambique and its sapphire projects in Australia; (ii) general corporate purposes, including paying down debts; and (iii) payment toward acquiring SLR Mining Ltda., a Mozambican mining company holding 100 per cent of each of ruby mining concession 8955C and ruby exploration licence 7414L.

About Fura Gems Inc.

Fura is a gemstone mining and marketing company that is engaged in the mining, exploration and acquisition of gemstone licences.

We seek Safe Harbor.

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