Fura Gems Inc. Announces CAD$30.38 Million Private Placement
TORONTO, May 15, 2019 - Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43), a new gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively, intends to complete a private placement offering of up to 121,500,000 common shares of the Company at a price of CAD$0.25 per share for gross proceeds of up to CAD$30,375,000 (the “Offering”). Dev Shetty, Fura’s President and Chief Executive Officer, commented: “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. 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.”
The net proceeds of the Offering are expected to be used for (i) the advancement of its Coscuez emerald project in Colombia and ruby assets in Mozambique, and (ii) general corporate purposes.
The closing date of the Offering is expected to occur on or about June 28, 2019 and remains subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All Fura common shares issued pursuant to the Offering will be subject to a regulatory hold period of four months and one day.
For more information about Fura Gems Inc., please contact:
| Fura Gems Inc. | |
| Dev Shetty - President & Chief Executive Officer | Tel: +971 (0) 4 240 8760 |
| Brad Scharfe – Director Investor Relations | Tel: +1+(778)386-1313 brad.scharfe@furagems.com |
| Public Relations Tavistock (UK) Jos Simson / Barney Hayward | Tel: +44-207-920-3150 fura@tavistock.co.uk |
About Fura Gems Inc.
Fura Gems Inc. 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 listed on the TSX Venture Exchange under the ticker symbol “FURA”.
Fura is engaged in the exploration of resource properties in Colombia and owns a 76% interest the Coscuez emerald mine in Boyacá, Colombia. Fura is involved in the exploration and mining of rubies in Mozambique through its 80% effective interest in the four ruby licenses (4392L, 3868L, 3869L and 6811L).
Regulatory Statements
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, the use of proceeds of the Offering, the Company’s ability to complete any publicly announced acquisitions, the Company’s exploration activities and mining activities and the Company’s performance. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration, development and production activities; access to sufficient financing to continue the development of its assets; regulatory risks; risks inherent in foreign operations, uncertainties with respect to the Company’s assets; legacy environmental risks, title risks and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.