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Fura Gems Inc to raise over $30M in a placing to advance assets in Colombia and Mozambique

The firm will issue up to 121.5 million of its shares at $0.25 per share, it said

The group has an 80% interest in four ruby licences in Mozambique

Fura Gems Inc (CVE:FURA), the Toronto-headquartered mining and marketing group, is poised to bring in more than $30 million through a private placing to advance its projects in Colombia and Mozambique.

"The successful completion of this offering would be a significant milestone for the company as it would allow the company to continue to build value for its shareholders by advancing its projects in Colombia and Mozambique," said Dev Shetty, Fura’s chief executive.

"Given Fura’s track record of successfully raising capital, I’m confident that we’ll be able to complete the offering in a timely fashion.”

READ: Fura Gems extends final deadline for acquisition of Mozambique ruby assets

The firm will issue up to 121.5 million of its shares at $0.25 per share for gross proceeds of up to $30,375,000 and the closing date is expected around June 28 this year.

Fura is involved in rubies in Mozambique through its 80% interest in four ruby licences.

The company is also engaged in the exploration of resources in Colombia where it owns a 76% interest in the Coscuez Emerald mine (122-95M) in Boyacá.

In Mozambique, Fura holds an 80% interest in four ruby licenses, (4392L, 3868L, 3869L and 6811L) in the Montepuez District of Cabo Delgado Province in Mozambique with the remaining 20% stake being held by  respective local partners

Stategically located

The assets are strategically located in the Montepuez & Chiure Districts and cover around 711 sq km of highly prospective ground.

Meanwhile, Coscuez is historically one of the world’s most significant emerald mines, having been in operation for over 400 years an produced some of Colombia’s finest emeralds

The current operation at 122-95M, which covers 46 hectares, has reached the orebody through a number of horizontal accesses, which total more than 40 km of measured tunnels.

Fura, has said, as a short-term plan, it will improve the mine’s infrastructure,, including the construction of a 1/7 gradient, positive and negative ramp system and bid to increase emerald production.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: FURA Gems

Price: 0.125 CAD

Market: TSX-V
Market Cap: $30.41 m

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