Fura Gems Inc (fka FURA.V)

[Sam Dan]

Completion of acquisition in Australia. Will benefit the take over of FURA investors

" (“Fura” or the “Company”) (TSXV: Fura, OTC: FUGMF and FRA: BJ43) is pleased to announce that it has successfully completed the Company’s previously announced acquisition of all of the issued and outstanding shares of Great Northern Mining Pty Ltd (the “Target”), a mining company located in Australia (the “Acquisition”). The assets of the Target consist of 73 mining leases (the “Tenements”), each located in Australia, as well as certain buildings, plants, fixtures, tools, and other equipment related to the Tenements. Please see the Company’s press release dated August 7, 2020 for further details.

In consideration for the Acquisition, Fura paid A$2,459,219 (approximately C$2,335,000) to the vendor, Mosley Mining Pty Ltd, A$239,060 (approximately C$227,000) to an Australian bank to release a security interest on certain of the Target’s assets, and A$262,067 (approximately C$249,000) to Queensland Treasury as a cash surety in connection with rehabilitation obligations related to the Tenements. In addition, the A$293,093 (approximately C$278,000) that was previously paid to the vendor as a deposit was released.

The Acquisition was an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”) and the Company understands that the Acquisition qualifies as an “Exempt Transaction” under TSXV Policy 5.3. Fura did not pay any finder’s fees in connection with the Acquisition. The Foreign Investment Review Board of the Australian Government has indicated that it has no objection to the Acquisition.

[Sam Dan]

BUY OUT by major shareholder at.15 a share announced.
Probably will be accomplished. I have disappointment after all the time I held the shares. Price is based on historical share price, although the high price for the year shows .23. I wonder what the value of gems held in the company vault plus in the ground held by the company. It could be Billions
Here is abbreviated PR
" Fura Gems Inc. has entered into an acquisition agreement dated as of the date of this news release with its majority shareholder, Lord of Seven Hills Holdings FZE, pursuant to which the purchaser has agreed to acquire all of the outstanding common shares of Fura, other than common shares already held by the purchaser and its affiliates, at a price of 15 cents per common share. The Purchaser currently, directly or indirectly, holds 140,048,752 Common Shares, representing approximately 51.5% of Fura's 272,035,485 issued and outstanding Common Shares.
About the Transaction
The price of CAD$0.15 per Common Share represents a 42% premium over the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange ("TSXV") for the 20 trading days ended on August 13, 2020, the last trading date prior to the announcement of the Transaction. The acquisition price also represents a 36% premium over the closing price of the Common Shares on the TSXV on August 13, 2020.
It is intended that the Transaction will be effected by an amalgamation of Fura and 2771063 Ontario Inc., a newly-incorporated wholly-owned subsidiary of the Purchaser, under the provisions of the Business Corporations Act (Ontario) (the "Amalgamation"). Pursuant to the Amalgamation, all of the issued and outstanding Common Shares, other than those already held by the Purchaser, will be converted, on a one-for-one basis, into redeemable shares ("Redeemable Shares") of the amalgamated corporation ("Amalco"). The Redeemable Shares will then be immediately redeemed by Amalco in exchange for CAD$0.15 per Redeemable Share payable in cash.
Fura intends to call a meeting of shareholders to be held in early October 2020 to, amongst other things, seek shareholder approval for the Amalgamation (the "Meeting"). The Amalgamation must be approved by the affirmative vote of (i) 66 2/3% of the votes cast by holders of Common Shares represented at the Meeting and (ii) a simple majority of the votes cast by holders of Common Shares at the Meeting (excluding shareholders whose votes are required to be excluded, including the Purchaser, pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")).

[Sam Dan]

Another acquisition proposed by management. OK but I would rather they complete a sale of gems to start producing revenues so we won't see continued share dilution. Isn't the name of the game to justify share value by increased revenue?
"(“Fura” or the “Company”) (TSXV: Fura, OTC: FUGMF and FRA: BJ43) is pleased to announce that it has entered into a share sale agreement (the “ShareSaleAgreement”) through its wholly-owned Australian subsidiary, Capricorn Sapphire Pty Ltd (the “Capricorn”), with Mosley Mining Pty Ltd (the “Vendor”), pursuant to which the Company will acquire all of the issued and outstanding shares of Great Northern Mining Pty Ltd (the “Target”), a mining company located in Australia (the “Acquisition”). The assets of the Target consist of 73 mining leases (the “Tenements”), each located in Australia, as well as certain buildings, plants, fixtures, tools, and other equipment related to the Tenements.

As consideration for the Acquisition, Fura agreed to pay A$2,987,933 (approximately C$2,860,632) to the Vendor, subject to certain adjustments, and less (i) an amount payable to a bank to release a security interest on certain of the Target’s assets, and (ii) an amount equal to any royalties that become payable by the Target in respect of mining activities conducted on the Tenements prior to completion. In accordance with the Share Sale Agreement, on or about the date that the agreement was signed, Fura paid a portion of the consideration (A$293,093 (approximately C$280,465)) as a deposit to be released to the Vendor upon completion of the Acquisition.

The Acquisition is an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”) and the Company understands that the Acquisition qualifies as an “Exempt Transaction” under TSXV Policy 5.3. Fura is not paying any finder’s fees in connection with the Acquisition. The closing of the Acquisition is subject to the satisfaction of customary conditions precedent; however, the Foreign Investment Review Board of the Australian Government has already indicated that it has no objection to the Acquisition. Closing of the Acquisition is expected to occur in early to mid-August 2020

[TheKing2022]

Still have my shares, still waiting for the first auction...the way Dev increased his shares a half a year ago makes me think they have a ton of good stuff for sale soon.
Market cap @ $25 mill, holding over a Billion in jewels. NICE.

[Sam Dan]

Another notice of completed acquisition[by management.
Ducks are finally lining up. Hopefully revenue production can start soon.
"The TSX Venture Exchange has accepted for filing documentation relating to a revised and restated merger of ruby assets agreement between the company, Cobadale Ltd. (a wholly owned subsidiary of the company), Fura Services DMCC (a wholly owned subsidiary of the company), New Energy Minerals Ltd., Montepuez Minerals Pty. Ltd., Montepuez Minerals Ltd. and New Energy Minerals LDA, dated as of July 14, 2018, revised and restated on Feb. 5, 2020. Pursuant to the agreement, the company completed the arm's-length acquisition of certain Mozambique assets, as follows: (i) 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; (ii) 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; and (iii) the acquisition for cancellation of a right to earn a 65-per-cent interest in mining concession 8955C under a joint venture agreement. The company paid a cash payment of $1.4-million (Australian) ($1.27-million (Canadian)) to New Energy and paid $28,000 (U.S.) ($39,000 (Canadian)) on behalf of New Energy to the Mozambique government for the capital gains taxes levied in connection with the sale of the New Energy assets. The exchange has been advised that closing occurred on June 23, 2020."/b]

[Sam Dan]

FINALLY CLOSE OF PP.
Must be some kind of record as it was first announced May 15,2019
The TSX Venture Exchange has accepted for filing documentation with respect to the second and final tranche of a non-brokered private placement announced May 15, 2019, June 27, 2019, and Aug. 15, 2019, and Oct. 10, 2019.

Number of shares:28,755,592 shares Purchase price:25 cents per share Number of placees:one placee Insider:Lord of Seven Hills Holdings FZE (Gagan Gupta), 28,755,592"

[Sam Dan]

Further progress by management in completion of important acquisitions
" Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) is pleased to announce that it has successfully completed the Company’s previously announced acquisition (the “Acquisition”) of interests in two ruby licences/concessions in Mozambique as follows: (i) a 70% interest in ruby mining licence 5030L through the acquisition of 70% of the issued and outstanding shares of Rubies Resources SA, and (ii) an 80% interest in ruby mining concession 8921C through the acquisition of 80% of the issued and outstanding shares of Ibra Moz SA (each a “Licence”, and together the “Licences”). Fura also acquired the Vendor’s right to earn a 65% interest in mining concession 8955C under a joint venture agreement (together with the Licences, the “NewEnergyAssets”). Please see the Company’s press releases dated November 29, 2018 and February 11, 2020 for further details.

Pursuant to the merger of ruby assets agreement dated July 14, 2018, as revised and restated on February 7, 2020 (the “MRAA”), in consideration for the purchase of the New Energy Assets, Fura made a total cash payment of A$1,400,000 (C$1.27 million) to New Energy Minerals Ltd (the “Vendor”) and paid US$28,000 (C$39,000) on behalf of the Vendor to the Mozambique government for the capital gains taxes levied in connection with the sale of the New Energy Assets. The Acquisition was an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”). Fura did not pay any finder’s fees in connection with the Acquisition."

[Sam Dan]

An excellent update from management re their emerald project.
Lengthy and informative. Too bad the auction had to be postponed but understandable.
" Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43), a gemstone mining and marketing company with emerald, ruby and sapphires assets in Colombia, Mozambique and Australia, respectively, is pleased to provide an update on its 76%-owned Coscuez emerald mine in Colombia.

Key Highlights:

Due to the travel restrictions and current market conditions resulting from COVID-19, the inaugural Colombian emerald auction that was scheduled in Antwerp, Belgium in the month of May 2020 was cancelled. We continue to monitor market conditions to determine the appropriate time to hold the auction.

Since the acquisition in January 2018, the Coscuez mine, under the majority-ownership and management of Fura, is being transitioned from an artisanal mine to a fully mechanised operation. As of December 2019, the 1.5km main LAPAZ adit had been expanded from 2.65 sqm to 5.28 sqm.

A maiden Inferred Mineral Resource in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) was announced in 2019 (effective date of report: January 23, 2019).

Highlights include:

a. 3 million tonnes of Inferred Mineral Resources;
b. Grade of 2.0 carats per tonne;
c. 6 million carats contained;
d. Conceptual life of mine for Coscuez of 30 years used for the Inferred Mineral Resource estimate;
e. Conservative case price of USD$200/carat; and
f. Estimate prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto, Canada.
Following the Inferred Mineral Resource announcement, a mine mechanisation program commenced by Fura in August 2019 and was completed in January 2020. The new mining mechanised fleet includes a total of 12 mini-dumpers with four & two tonne (“t”) capacities, one electrohydraulic jumbo drilling machine, three scoop trams and three tractors, each of which are currently operational on site.

In October 2019, the Company commenced development of three underground declines from the main LAPAZ level to intersect the inferred resource body in the Santana, Ayata and the Miguel sectors. The total development in these sectors is projected to run for 8,704 meters alongside such inferred resource body.

A new 10 tonne per hour (“t/hr”) pilot washing plant was fully commissioned in 2019 and is currently being operated by an all-female crew. This way, the washing process at the Coscuez mine has transitioned from manual washing to washing at the much more efficient pilot washing plant. A new washing plant with projected capacity of 100 t/hr is currently being designed and is expected to be commissioned by Q4-2020.

From day one, Fura’s priority at the Coscuez mine has been to strengthen its safety policies and establish international industry standard procedures. Standard safety operating procedures have been adopted and are in the process of being implemented to international mining standards.

Due to the COVID–19 situation and the corresponding restrictions imposed by the Colombian government, from 20 March 2020 to 04 June 2020, the mine has been in a state of care and maintenance. Since 04 June, 2020, the lockdown has been gradually lifted and mining operations have commenced at 50% work-force capacity, with requisite safety and sanitisation measures implemented.

Fura is currently in discussions with the Colombian mining agency, ANM, to extend the mining licence underlying the Coscuez mine (being mining licence no. 122 – 95M) which is due to expire on 09 October 2020. As of the date of this press release, Fura has obtained approval for the 30 year mine plan (the “PTO” by its acronyms in Spanish), which remains subject to an updated environmental licence and the extension of the mining contract. The ANM will inform Fura of the next steps required to move forward in the licence extension process.
Dev Shetty, President & CEO of Fura, commented:

“We are pleased to provide this operational update regarding our 76%-owned producing Coscuez emerald mine in Colombia. The work carried out by the Fura team all through 2019 and into early 2020 has shown some extraordinary results. Most noteworthy is the team turning the operation into a mechanised mine and the introduction of the new, all women washing plant, which has increased the mining and washing capacity.

Unfortunately, due to global travel restrictions and the market conditions that have arisen as a result of COVID-19, we cancelled our inaugural Colombian emerald auction, previously scheduled for the month of May 2020. As the global situation is evolving rapidly, we continue to monitor developments and will wait for an appropriate time to hold our first auction.

As always, I would like to thank the entire Fura team for all their dedication and hard work in developing the Coscuez mine to this stage.”

Safety, Mining and Geology

Since Fura’s acquisition of its 76% interest in the Coscuez mine, Fura’s safety department has reinforced the Company’s safety standards & policies by including stricter preventive measures, as well as establishing a process for more effectively monitoring the use of personal protective equipment. In addition, Fura’s safety department has overseen the implementation of the standard operating procedures set out in Fura’s “Safety First” policy. Such efforts have shown positive results, with the number of accidents having decreased since previous years.

In addition, Fura’s team has been busy processing the data generated by the Company’s underground diamond drilling campaign to establish patterns that could help to identify productive structures and to generate new targets in the inferred resource. As part of the underground mining exploration program, the Company has plans to construct several exploration tunnels in various areas for discovering/confirming possible mineralized structures/areas.

From the geological studies carried out in 2019 and the litho-structural model generated by geologic and mining software, it was possible for us to prepare a 30-year mine plan, which was approved by the Colombian mining authority in December 2019.

During 2019, Fura’s Coscuez team focused its efforts on strengthening safety policies and procedures at the mine. After finishing the expansion of the La Paz tunnel section in accordance with the dimensions established by current mining and safety regulations, the team initiated the mechanisation process, described below.

Since the beginning of 2019, Fura’s Coscuez team has been working to mechanise the mine with modern equipment suitable for narrow vein mining to increase mining capacity as compared to 2018. A total of 12 mini-dumpers with four & two-tonne capacities, one electrohydraulic jumbo drilling machine, three scoop trams, and three tractors were acquired for this purpose. With this addition, the Coscuez team has reduced manual drilling and eliminated manual loading and hauling operations.

Another technical improvement that the Company introduced in 2019 was the implementation of a new active support system consisting of cement-grouted rock bolts, split sets, wire mesh, and shotcrete layers instead of the traditional passive rock support system based on timber sets.

A total of 31,963 t was mined during 2019, representing a 109% increase as compared to 2018.

Furthermore, two international consultants, Bisa and MiningOne, have been retained to complete two technical studies. The first study is a geotechnical study for rock support and mining methods for different types & rock qualities. The topic of the second study is focused on the design of current and mid-term ventilation system.

As part of the mine mechanisation process and our target to increase productivity, in 2019 we commissioned a new washing plant. The plant has a nominal capacity of 10 t/hr and is operated by an all-woman crew. As of now, we are operating the plant by way of a single 12-hour shift per day, however, we are working towards continuous 24/7 operations in the near future.

Environmental

During 2019, a baseline study on the mine’s environmental impact was conducted. As part of our implementation program, waste dump material was removed from the vicinity of the nearby stream, and the La Paz dump was properly benched with stable slopes. Trees were also planted at various locations to stabilise the slopes. The mine is now in full compliance with the environmental obligations set out in our environmental licence, the terms of which were agreed with environmental authorities in 2018.

Qualified Person

Harrison Cookenboo, Ph.D. and P.Geo. and G. Ross MacFarlane, P.Eng. are Qualified Persons as defined by NI 43-101, and have reviewed the scientific and technical information regarding the Inferred Mineral Resource estimated by WGM as described in this news release and have approved its dissemination. Cookenboo, MacFarlane and WGM are considered independent of Fura.

[Sam Dan]

I am a bit ambivalent about the announced holdings of Mr.Lord being increased. The plus is a major investor who continues to fund the company during its aggressive acquisitions of gem properties. The possible downside is all decisions of management can conceivably be in the interest of Mr. Lord and not the other investors. Hopefully, I can see his interest in success will mirror other investors' interests as well. The dilution caused by his investments are obviously in strong hands.
"LORD OF SEVEN HILLS HOLDINGS FZE COMPLETES OF INVESTMENT IN FURA GEMS INC.

Lord of Seven Hills Holdings FZE, on May 27, 2020, completed the acquisition of 28,795,592 common shares in the capital of Fura Gems Inc. at a price of 25 cents per common share for aggregate cash consideration of $7,188,898 pursuant to a non-brokered private placement of common shares of the company pursuant to a subscription agreement dated June 26, 2019. Such common shares represented approximately 10.59 per cent of the issued and outstanding common shares immediately following the issuance of such shares.

The private placement was the second tranche of a previously announced non-brokered private placement financing of the issuer pursuant to a subscription agreement between L7H and the issuer dated June 26, 2019, the completion of which was delayed pending final approval of the TSX Venture Exchange.

Prior to the private placement, L7H owned and controlled a total of 106,359,534 common shares, representing approximately 43.72 per cent of the issued and outstanding common shares at such time.

After giving effect to the private placement, L7H holds a total of 135,115,126 common shares, representing approximately 49.67 per cent of the issued and outstanding common shares immediately following such issuance.

L7H acquired the common shares for investment purposes but believes that the industry in which the issuer operates is highly fragmented and considers the consolidation of the sector to be desirable. As such, L7H will continue to monitor this sector and this investment, and may, from time to time, increase its direct or indirect ownership, control or direction of common shares, or consider other alternative transactions involving the issuer to achieve that result."

[Sam Dan]

Financing closed! A needed addition as financing almost obliterated the lines of credit. Isn't it about time management starts revenue generations from the company holding? Enough dilution of shares by PP.
"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, August 15, 2019 and October 10, 2019, and the Company's management information circular dated July 2, 2019 (the "Circular"), each of which is available under Fura's profile on SEDAR at www.sedar.com.

Pursuant to the Final Tranche, Fura issued 28,755,592 common shares (the "Shares") at a price of C$0.25 per Share. In total, pursuant to the Offering, the Company received total gross proceeds of $33,877,500 and issued 135,510,000 common shares at a price of C$0.25 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 ongoing acquisition of interests in two ruby licences/concessions in Mozambique as follows: (A) a 70% interest in ruby mining licence 5030L through the acquisition of 70% of the issued and outstanding shares of Rubies Resources SA, and (B) a 80% interest in ruby mining concession 8921C through the acquisition of 80% of the issued and outstanding shares of Ibra Moz SA (the "Licences"), (iii) the acquisition for cancellation from New Energy Minerals Ltd of a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (together with the Licences, the "New Energy Assets"), 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 September 28, 2020, and the closing of the Final Tranche is subject to receipt of final approval of the Exchange. No finder 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 (the "Related Party Participation"). Minority shareholder approval for the Related Party Participation was previously obtained by Fura at its annual and special meeting of shareholders held on August 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 ("MI 61-101") by virtue of s. 5.5(b) of MI 61-101. Please refer to the Circular for more information.

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 Gold 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 in the Coscuez emerald mine in Boyaca, Colombia. Fura is involved in the exploration and mining of sapphires in Australia through its 100% 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% effective interest in four ruby licences (4392L, 3868L, 3869L and 6811L) and its 100% interests in ruby licence 5572L and 7414L and ruby concession 8955C

[Sam Dan]

Management is ACTIVE !
Its interesting but guess what confuses me!!

" (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43), a gemstone mining and marketing company with emerald, ruby and sapphire assets in Colombia, Mozambique and Australia, respectively, is pleased to announce that it has received formal approval from the Ministry of Mineral Resources and Energy of Mozambique (“MIREM”) and has completed the previously announced acquisition of SLR Mining, Limitada, a Mozambican mining company holding 100% of each of ruby mining concession 8955C and ruby exploration licence 7414L. In accordance with the share purchase agreement dated February 4, 2020 entered into by a wholly owned subsidiary of the Company and GemRock Company Ltd. (“GemRock”), as amended, (the “SharePurchaseAgreement”) Fura paid GemRock US$2.1 million upon completion of the acquisition. Please see the Company’s press release dated February 10, 2020 for more information about the transactions contemplated in the Share Purchase Agreement (the “Acquisition”).

The Acquisition is an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”) and the Company understands that the Acquisition qualifies as an “Exempt Transaction” under TSXV Policy 5.3. Fura is not paying any finder’s fees in connection with the Acquisition. The only material condition remaining for completion of the Acquisition is obtaining formal approval from MIREME for the acquisition of the 20% free carried and non-dilutive participating interest in Ibra Moz SA, a Mozambican mining company holding ruby mining concession 8921C.

Fura is currently in the process of completing the purchase and sale of interests in three additional ruby prospecting licences/concessions in Mozambique as follows: (i) a 70% interest in ruby mining licence 5030L through the acquisition of 70% of the issued and outstanding shares of Rubies Resources SA, (ii) a 80% interest in ruby mining concession 8921C through the acquisition of 80% of the issued and outstanding shares of Ibra Moz SA; and (iii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “NewEnergyAssets”). Please see the Company’s press releases dated November 29, 2018 and February 11, 2020 for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange."

[Sam Dan]

Thank goodness management has a line of credit established and available in this terrible credit atmosphere. Hope they can start a revenue stream to repay the debt before they run out of remaining available loan.

"(“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces today that it has drawn down an additional US$3.5 million from its loan facility previously announced on March 10, 2020 (the “SecondAdvance”). An additional US$4.1 million remains available for drawdown by the Company at a later date, subject to the terms of the grid promissory note (the “Note”) issued to the lender (the “Lender”) in the maximum aggregate principal amount of US$28.6 million. The funds advanced under the Note are initially unsecured, will bear interest at a rate of ten percent per annum and have a maturity date of August 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 press 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 towards acquiring SLR Mining, Limitada, a Mozambican mining company holding 100% of each of ruby mining concession 8955C and ruby exploration licence 7414L."

[Sam Dan]

"FURA ARRANGES LONG TERM LOAN FACILITY
A very significant loan agreement by the company revealed.
Of note, it is repayable completely at given dates with no mention of shares of Firma being converted to pay the debt. The company holdings are the guarantee for the provider of the funds.

"Fura Gems Inc. has issued a grid promissory note to a private company pursuant to which the lender has agreed to immediately lend and the company has agreed to borrow $21-million (U.S.). An additional US$7,600,000 remains available for drawdown by the Company at a later date, subject to the terms of the Note (the "Second Advance"), for a maximum aggregate principal amount of US$28,600,000. The funds advanced under the Note are initially unsecured, will bear interest at a rate of ten percent per annum and have a maturity date of August 31, 2021. The Initial Advance is inclusive of US$5,543,699 for that certain loan advanced by the Lender to the Company described in the Company's press release dated February 10, 2020. The principal amount of the loan as well as accrued interest will be payable on the maturity date.

Under the terms of the Note, if any amounts payable by the Company to the Lender (the "Obligations") remain outstanding on May 31, 2020, at the request of the Lender, the Company agrees to grant a security interest to the Lender in all of its present and future property (the "Security Interest"). If the Security Interest is not granted to the Lender and the Obligations are not paid in full on or prior to the date that falls six months from the date that the funds are advanced (the "Security Date"), the Company is required to pay an extension fee of US$800,000, which shall form part of the Obligations payable on the maturity date, and the Lender shall extend the Security Date to the date that is 12 months from the date that the funds are advanced (the "Extended Security Date"). If the Security Interest is not granted to the Lender and the Obligations are not paid in full on or prior to the Extended Security Date, the Company is required to pay an additional extension fee of US$800,000, which shall form part of the Obligations payable on the maturity date, and the Lender shall extend the Extended Security Date to the maturity date.

The proceeds of the loan are expected to be used 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 towards acquiring ruby mining concession 8955C, ruby mining licence 7414L and a 20% interest in ruby mining concession 8921C, each in the Montepuez district of Mozambique.

The Lender is both a "related party" and a "control person" of the Company pursuant to Canadian securities laws. Issuing the Note to the Lender is therefore considered to be a "related party transaction" under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is exempted from the requirement to obtain a formal valuation pursuant to 5.5 (b) and from the requirement to obtain minority approval pursuant to 5.7(1)(f) of MI 61-101, as the loan (i) is on reasonable commercial terms that are not less advantageous to the Company than if the loan was obtained from an arm's length party, and (ii) is not convertible, directly or indirectly, into equity or voting securities of the Company or a subsidiary of the Company or repayable as to principal or interest, directly or indirectly, in equity or voting securities of the Company or a subsidiary of the Company. Minority shareholder approval for the Lender becoming a control person of Fura was previously obtained by Fura at its annual and special meeting of shareholders held on August 2, 2019. Please refer to the Company's management information circular dated July 2, 2019 for more information. The Company did not file a material change report more than 21 days before issuing the Note as the terms of the Note were not settled until shortly prior to such issuance, and the Company wished to complete the loan on an expedited basis.

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 Gold 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 in the Coscuez emerald mine in Boyaca, Colombia. Fura is involved in the exploration and mining of sapphires in Australia through its 100% 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% effective interest in four ruby licences (4392L, 3868L, 3869L and 6811L) and its 100% interest in ruby licence 5572L.

[TheKing2022]

Went thru all the drill results and past assays, we own over $2 Billion + in precious gems.
$25 million Mkt Cap?
HELL YES, it's buy time baby.
Get it goin' Dev!

[TheKing2022]

the voume was me buying more today, DAAAAMN do I feel good about this.

[TheKing2022]

I dont have PM's, but yes..it is definitley a waiting game.

[TheKing2022]

well I'm in for 25,000 shares now. DCA is 0.098.
Dev could get this to $1.25 by 2025. and probably will.

[Sam Dan]

Not really. We need to see completion of all deals before management will star development.At least that is my take.

[TheKing2022]

do you know when Rev willl start?

[Sam Dan]

Well at least there are 2 of us!!
Misery loves company.

[TheKing2022]

Yes, still following. Enetered at 0.0975

[TheKing2022]

Revenue. Sales. Income. When will it start?

[Sam Dan]

FULL DISCLOSURE- I am not an accountant or legal expert but today's PR , I think, is important, but I am not sure whether it is good, bad or indifferent! Interested in what other investors have to say.

"“Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43), a gemstone mining and marketing company with emerald, ruby and sapphire assets in Colombia, Mozambique and Australia, respectively, is pleased to announce that it has entered into a Revised and Restated Merger of Ruby Assets Agreement (the “Revised MRAA”) with New Energy Minerals Ltd (“New Energy”), Montepuez Minerals Pty Ltd, Montepuez Minerals Ltd, and New Energy Minerals LDA (collectively, the “Vendors”). Pursuant to the Revised MRAA, the new terms for completion of the transaction are as follows:

Consideration for the acquisition of the New Energy Assets (defined below) has been reduced from A$2,800,000 (C$2,480,000) (as set out in the initial merger of ruby assets agreement dated July 14, 2018, as amended, most notably by an amending agreement dated November 27, 2018) to a cash payment of A$1,400,000 (C$1,240,000); and
Fura is no longer required to issue any of its common shares as a part of the transaction.
In addition, pursuant to the Revised MRAA, the A$2,800,000 (C$2,480,000) loan agreement between Fura and New Energy, previously disclosed in the Company’s press release dated November 29, 2018, is formally terminated, noting that no draw-down by New Energy under the loan agreement was possible due to the non-satisfaction of the conditions precedent set out in the loan agreement. Fura has also agreed that it will pay, on behalf of New Energy, all capital gains taxes levied by the Mozambique government in connection with the sale of the New Energy Assets.

The reduced consideration was negotiated in exchange for Fura agreeing to an accelerated closing and to assist the Vendors in the closing process with the Ministry of Mineral Resources and Energy of Mozambique, the Ministry of Finance and the National Institute of Mines. We note that the binding tax opinion issued by the Mozambique Ministry of Finance, which is required for the transfer of the New Energy Assets to Fura, has now been obtained.

The Revised MRAA contemplates the purchase by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) a 70% interest in ruby mining licence 5030L through the acquisition of 70% of the issued and outstanding shares of Rubi Resources SA, (ii) a 80% interest in ruby mining concession 8921C through the acquisition of 80% of the issued and outstanding shares of Ibra Moz SA; and (iii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). The completion of Fura’s acquisition of the New Energy Assets is subject to the satisfaction of customary conditions precedent, including, inter alia, ministry authorizations, consents from joint venture minority partners and the provision of applicable legal opinions concerning the title to the New Energy Assets. The transaction remains subject to the approval of the TSX Venture Exchange."

[Sam Dan]

WOW! Management in overdrive!
FURA TO ACQUIRE ADDITIONAL RUBY LICENCES IN MOZAMBIQUE

Fura Gems Inc. has entered into a share purchase agreement and non-competition agreement with Gemrock Company Ltd., pursuant to which the company will acquire interests in three ruby mining licences/concessions in the Cabo Delgado province of Mozambique and certain rights to explore in various countries without competition from Gemrock.

Key Highlights

Acquisition of participating interests in Mozambican mining companies which hold the following ruby mining licences and concessions in Mozambique for a total cash consideration of US$3.8 million (approximately C$5 million):

100% participating interests in SRL Mining, Limitada, a Mozambican mining company holding each of ruby mining concession 8955C and ruby exploration licence 7414L; and

20% free carried and non-dilutive participating interest in Ibra Moz SA, a Mozambican mining company holding ruby mining concession 8921C (together with ruby mining concession 8955C and ruby exploration licence 7414L, the "Licences") (note: Fura expects to acquire the remaining 80% interest in Ibra Moz, SA and thereby ruby mining concession 8921C as part of its acquisition of the New Energy Assets, described below).

Rights to explore without competition from GemRock:

US$3.5million is payable to acquire rights under the non-competition agreement, pursuant to which GemRock has agreed not to compete with Fura in certain jurisdictions in respect of its ruby mining activities

US$500,000 is payable as a reimbursement of GemRock's expenses in connection with the transactions contemplated in the Agreements

The acquisition of the participating interests in the Mozambican mining companies holding the Licences is expected to add a further 95.15 sq. km to Fura's existing land package in the main ruby belt of the Montepuez district of Mozambique

Fura expects to commence bulk sampling at the licence areas by March 2020

Dev Shetty, Fura's President and CEO, commented:

"We are pleased to further consolidate our position in the main ruby belt of the Montepuez district of Mozambique. Completion of the merger of ruby assets agreement with New Energy Minerals Ltd. announced in November 2018, combined with Fura's acquisition of ruby mining licence 5572L announced on October 17, 2019 and now Fura's anticipated acquisition of the interests in SRL Mining, Limitada and Ibra Moz, SA, and thereby the Licences, is expected to give Fura the ability to explore for secondary alluvial and a primary deposit of rubies in the region.

In the last 3 years, Fura's portfolio of assets has grown significantly. We now have three important silos of colour-gemstone properties in our portfolio, emeralds from Colombia, the world's largest emerald supplier in value, rubies from Mozambique, the world's largest ruby supplier by volume and sapphires from our sapphire project in Australia. With these assets and our hugely experienced team, we believe we are in a strong position to be able to create a leading colour gemstone company. I would like to thank my team in Fura for their passion and dedication and our local partners in Australia, Colombia and Mozambique for their continued support."

Share Purchase Agreement

Fura and a wholly owned subsidiary of the Company have entered into a share purchase agreement (the "Share Purchase Agreement") dated February 4, 2020 with GemRock. Pursuant to the Share Purchase Agreement, and subject to the terms and conditions set out therein, Fura will acquire 100% of the issued and outstanding shares of Vedas International DMCC ("Vedas"), which holds a 100% interest in SLR Mining, Limitada and a 20% interest in Ibra Moz SA (the "Acquisition"). As of the date of this press release, 100% of the issued and outstanding shares of Vedas have been transferred to Fura. In addition, in connection with the Acquisition, GemRock agreed to the terms of a non-competition agreement in respect of its ruby mining activities in Russia, Brazil and the Cabo Delgado province of Mozambique (the "Non-Competition Agreement").

The aggregate purchase prices for the Licences and rights under the Non-Competition Agreement are US$3,800,000 and US$3,500,000, respectively, plus US$500,000 for the reimbursement of expenses incurred by GemRock in connection with the Acquisition, to be paid as follows:

US$4,500,000 in cash to be paid to GemRock immediately following the execution of the Agreements, which amount as of the date of this press release has been paid; and

US$3,300,000 in cash to be paid to GemRock upon the Company obtaining formal approval from the Ministry of Mineral Resources and Energy of Mozambique ("MIREME") for the acquisition of the target companies.

The Acquisition is an arm's length transaction for the purposes of the policies of the TSX Venture Exchange ("TSXV") and the Company understands that the Acquisition qualifies as an "Exempt Transaction" under TSXV Policy 5.3. Fura is not paying any finder's fees in connection with the Acquisition. Prior to entering into the Agreements, GemRock delivered to Fura several documents, including, inter alia, a binding tax opinion, confirmation that all amounts set out in the binding tax opinion have been paid, and applicable legal opinions. The only condition remaining for completion of the Acquisition is obtaining formal approval from MIREME.

Fura is currently in the process of completing the purchase and sale of interests in three additional ruby prospecting licences/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the "New Energy Assets"). Please see the Company's press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition, which remains subject to TSXV approval.

[Sam Dan]

A very significant loan agreement by the company which is nondilutive to share count and should allow completion of the takeover of planned jewel projects
Given the past history of management, I would give 100% percent chance that the stated " The loan will bear interest at a rate of ten percent per annum and has a maturity date of July 31, 2020, unless the parties mutually agree to an extension." will be invoked many times. But otherwise looks like a proper move.

" (TSXV: FURA, OTC: FUGMF and FRA: BJ43), a gemstone mining and marketing company with emerald, ruby and sapphire assets in Colombia, Mozambique and Australia, respectively, is pleased to announce the execution of a loan agreement (the “Agreement”) with a private company (the “Lender”), pursuant to which the Lender has agreed to lend and the Company has agreed to borrow US$5.5 million (the “Principal Amount”). The loan will bear interest at a rate of ten percent per annum and has a maturity date of July 31, 2020, unless the parties mutually agree to an extension. The Principal Amount of the loan as well as accrued interest will be payable on the maturity date.
The proceeds of the loan are expected to be used for (i) the acquisition by Fura of 100% interests in each of ruby mining concession 8955C and ruby exploration licence 7414L and a 20% free carried and non-dilutive interest in ruby mining concession 8921C, each in the Montepuez district of Mozambique, (ii) the advancement of its Coscuez emerald project in Colombia and its ruby projects in Mozambique, and (iii) general corporate purposes.
The Lender is both a “related party” and a “control person” of the Company pursuant to Canadian securities laws. Entering into the Agreement is therefore considered to be a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but is exempted from the requirement to obtain a formal valuation pursuant to 5.5(b) and from the requirement to obtain minority approval pursuant to 5.7(1)(f) of MI 61-101, as the loan (i) is on reasonable commercial terms that are not less advantageous to the Company than if the loan was obtained from an arm’s length party, and (ii) is not convertible, directly or indirectly, into equity or voting securities of the Company or a subsidiary of the Company or repayable as to principal or interest, directly or indirectly, in equity or voting securities of the Company or a subsidiary of the Company. Minority shareholder approval for the Lender becoming a control person of Fura was previously obtained by Fura at its annual and special meeting of shareholders held on August 2, 2019. Please refer to the Company’s management information circular dated July 2, 2019 for more information. The Company did not file a material change report more than 21 days before the entering into of the Agreement as the terms of the Agreement were not settled until shortly prior to the entering into of the Agreement, and the Company wished to complete the loan on an expedited basis.

[Sam Dan]

Miracles happen !! Fura announces completion of an acqusition!

" Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43), a new gemstone mining and marketing company with emerald, ruby and sapphire assets in Colombia, Mozambique and Australia, respectively, is pleased to announce that on December 31, 2019 it successfully completed the Company’s previously announced acquisition of 100% interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) (the permits and the licences are collectively referred to herein as the “Licences”) for a sapphire mining project in Queensland, Australia (the “Acquisition”). The Acquisition is described in more detail below and in the Company’s press releases dated June 27, 2019, July 22, 2019 and December 16, 2019.

Dev Shetty, President & CEO of Fura, commented:

“We are very pleased to complete the Acquisition, which results in Fura becoming the only public gemstone mining and marketing company in the world to hold emerald, ruby and sapphire mining assets (being all three coloured gemstones).”

Pursuant to the option agreement that was entered into by the Company and Richland Resources Ltd. (the “Vendor”) on June 26, 2019, as amended, (the “Option Agreement”) in exchange for the Vendor (i) transferring all of the issued shares of Richland’s wholly owned subsidiary, Richland Corporate Ltd. (“Richland Corporate”), and (ii) assigning all of the Vendor’s loans to Richland Corporate to Fura, Fura paid US$1,250,000 in cash to the Vendor. Fura previously paid the Vendor C$25,000 as an option fee payment.

The Acquisition was an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”). Fura did not pay any finder’s fees in connection with the Acquisition.

Fura is currently in the process of completing the purchase and sale of interests in three additional ruby prospecting licences/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition, which remains subject to TSXV approval."

[Sam Dan]

Another update another extension. Hope they complete something

"“Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43), a new gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively, is pleased to provide an update in respect of the option agreement that was entered into by the Company and Richland Resources Ltd. (“Richland”) on June 26, 2019, as amended on July 19, 2019 and October 31, 2019 (the “Amended Option Agreement”). To allow the parties to complete the remaining legal formalities in relation to the completion of the transactions contemplated in the Amended Option Agreement, Fura agreed with Richland to extend the longstop date from November 15, 2019 to November 30, 2019 (the “Longstop Date”).

The Amended Option Agreement contemplates the acquisition by Fura of 100% interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) for a sapphire mining project in Queensland, Australia (the “Acquisition”). The Acquisition is described in more detail in the Company’s press releases dated June 27, 2019 and July 22, 2019.

[Sam Dan]

Will they ever complete this deal? (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces the extension of the drop dead date for the closing of the Merger of Ruby Assets Agreement dated July 14, 2018, as amended (the “MRAA”). In accordance with the MRAA, on October 29, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop-dead date of the MRAA from October 31, 2019 to November 30, 2019.

The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange.[p]

[Sam Dan]

Further move by management

"FURA COMPLETES ACQUISITION OF RUBY PROSPECTING LICENCE 5572L IN MOZAMBIQUE

Fura Gems Inc. has successfully completed the company's previously announced acquisition of a 100-per-cent interest in ruby prospecting licence No. 5572L in the Montepuez district of Cabo Delgado province in Mozambique. Please see Fura's press releases dated July 26, 2018 and August 22, 2019 for further details.

Dev Shetty, President & CEO of Fura, commented: "We are pleased to announce the successful acquisition of the Licence, which covers an area located in the main ruby producing belt of the Montepuez district of Mozambique. We have already completed the first phase of production drilling and have begun commissioning the wash-plant, which we expect to be completed by the end of 2019. We also expect to commence bulk sampling at the 100 sq.km Licence area before the end of 2019, while continuing to explore further."

Pursuant to the share purchase agreement dated July 24, 2018, as amended, in exchange for Azores Overseas Inc. (the "Vendor") transferring 100% of the quotas of Mozambican Ruby Ltda. ("MRL") (which holds a 100% interest in the Licence) to Fura's wholly-owned subsidiary, Fura issued 1,364,338 common shares of Fura (the "Fura Shares") and paid US$381,000 in cash to the Vendor. In addition, Fura paid US$993,900 to discharge certain liabilities of MRL.

The Acquisition was an arm's length transaction for the purposes of the policies of the TSX Venture Exchange ("TSXV"). Fura did not pay any finder's fees in connection with the Acquisition. The Fura Shares are subject to a regulatory hold period of four months and one day, expiring on February 18, 2020.

Fura is currently in the process of completing the purchase and sale of interests in three additional ruby prospecting licences/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the "New Energy Assets"). Please see the Company's press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition, which remains subject to TSXV approval."

[Sam Dan]

Obviously management has completed the first tranche in a major way. Not sure how much more funding they are attempting to raise.
Hopefully this money will allow them to complete the major take over of their targeted project.
"(TSXV: FURA) (OTC: FUGMF) (FRA: BJ43) has closed its first tranche of a previously announced non-brokered private placement financing of common shares (the “Offering”) for gross proceeds of C$26,688,602 (the “First Tranche”). For more information on the Offering, please see Fura’s press releases dated May 15, 2019, June 27, 2019 and August 15, 2019, and the Company’s management information circular dated July 2, 2019 (the “Circular”), each of which is available under Fura’s profile on SEDAR at www.sedar.com.

Pursuant to the First Tranche, Fura issued 106,754,408 common shares (the “Shares”) at a price of C$0.25 per Share. The Shares were issued at a premium of 47% to the closing price of the Shares on the TSX Venture Exchange (the “Exchange”) on October 9, 2019.

The net proceeds of the First Tranche are expected to be used for: (i) the advancement of Fura’s Coscuez emerald project in Colombia and ruby assets in Mozambique, (ii) the closing of the Company’s ongoing acquisition of a 100% interest in ruby prospecting licence no. 5572L in the Montepuez District of Cabo Delgado province in Mozambique previously announced on July 26, 2018 and August 22, 2019, and (iii) general corporate purposes.

The Shares issued in connection with the First Tranche are subject to a statutory four-month hold period, which expires on February 11, 2020, and the closing of the First Tranche is subject to receipt of final approval of the Exchange. No finder fees were paid in connection with the Offering, including the First Tranche.

Certain directors, officers, employees and consultants of the Company have subscribed for Shares pursuant to the First Tranche (the “Insider Participation”). The Insider Participation will be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. In addition, a related party has also subscribed for Shares pursuant to the First Tranche, as described in the Circular (the “Related Party Participation”). Minority shareholder approval for the Related Party Participation was previously obtained by Fura at it's annual and special meeting of shareholders held on August 2, 2019. The Related Party Participation is exempt from the formal valuation requirement of MI 61-101

[Sam Dan]

Change in takeover acquisition lowers cash payment by substituting company shares.
" (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43), a new gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique, respectively, is pleased to announce that, to facilitate the prompt satisfaction of the closing conditions of the Company’s previously announced ongoing acquisition of a 100% interest in ruby prospecting licence No. 5572L (the “Licence”) in the Montepuez District of Cabo Delgado province in Mozambique (the “Acquisition”), Fura has entered into an amending agreement dated August 20, 2019 (the “Amending Agreement”) to the share purchase agreement dated July 24, 2018. Please see Fura’s press release dated July 26, 2018 for further details.

Pursuant to the Amending Agreement, Azores Overseas Inc. (the “Vendor”) agreed to receive 1,135,662 fewer common shares of Fura (“Fura Shares”) upon completion in exchange for Fura agreeing to pay the Vendor on closing an amount equal to C$454,264.63 to assist the Vendor in paying certain taxes owed by it. As such, instead of the Vendor receiving 2,500,000 Fura Shares, the Vendor will be issued 1,364,338 Fura Shares on closing of the Acquisition. The Fura Shares will be subject to a regulatory hold period of four months and one day from the closing of the Acquisition. The Acquisition is expected to be completed by September 15, 2019.

The Acquisition is an arm’s length transaction for the purposes of the policies of the TSX Venture Exchange (“TSXV”) and is subject to the approval of the TSXV. Fura is not paying any finder’s fees in connection with the Acquisition. The closing of the Acquisition is subject to the satisfaction of customary conditions precedent, including, inter alia, receipt of ministry authorizations, approval of the TSXV and the provision of applicable legal opinions concerning the title to the Licence."

[Sam Dan]

Finally closing of PP completed.
This will trigger completion of the "MRAA contemplates the purchase by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). deal "



"The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Sept. 17, 2018, Nov. 29, 2019, and Aug. 15, 2019.

Number of shares:25,117,569 shares Purchase price:40 cents per share Number of placees:15 placees Finders' fees:Kamran Sattan, $139,384 cash and 62,349 warrants; Hannam & Partners, 82,843 warrants Finder's warrant initial exercise price:40 cents Finder's warrant term to expiry:expiry 24 months from closing

[Sam Dan]

Very significant OR with updates re management and increased PP
FURA ANNOUNCES AGM RESULTS AND UPSIZE OF PRIVATE PLACEMENT
Fura Gems Inc. has provided the results of its annual general and special meeting of shareholders (the AGM) held on Friday, Aug. 2, 2019, in Toronto, Canada.
Approving the creation of new "Control Persons" (as that term is defined under TSX Venture Exchange ("TSXV") Policy 1.1 {&#A A ; –} Interpretation), as more particularly described in the Circular; and
Approving Lord of Seven Hills Holdings FZE's participation in the Upsized Offering (defined below) as a "related party transaction" pursuant to Multilateral Instrument 61-101 {&#A A ; –} Protection of Minority Security Holders in Special Transactions, as more particularly described in the Circular..
Dev Shetty, President & CEO of Fura, commented:
"We are pleased that our shareholders approved Lord of Seven Hills Holdings FZE's participation in the ongoing Upsized Offering. We expect that, upon completion, the capital raise will help Fura accelerate our operations in Colombia and Mozambique and move the Company along the path to revenue generating mining operations."
Private Placement Upsize
As a result of increased investor demand, the Company is increasing its previously announced private placement of Fura common shares (the "Shares") from total gross proceeds of $30,375,000 to $33,337,500 (the "Upsized Offering").
The net proceeds of the Upsized Offering are expected to be used for: (i) the advancement of Fura's Coscuez emerald project in Colombia and ruby assets in Mozambique, (ii) the closing of the Company's ongoing acquisition of a 100% interest in ruby prospecting licence No. 5572L in the Montepuez District of Cabo Delgado province in Mozambique previously announced on July 26, 2018, (iii) the closing of the merger of ruby assets transaction first announced on July 16, 2018 respecting the Company's acquisition of (A) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L, and an 80% interest in mining concession 8921C; and (B) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement, and (iv) general corporate purposes.
The closing of the Upsized Offering may occur in one or more tranches, with the closing of the first tranche expected to occur on or about August 16, 2019 and remains subject to receipt of all necessary regulatory approvals, including the approval of the TSXV. Fura is not paying any finder's fees in connection with the Upsized Offering.
The Shares issued pursuant to the Upsized Offering will be subject to a regulatory hold period of four months and one day.
Further to the Company's press releases dated September 17, 2018 and November 29, 2018, the Company confirms that C$4,752,124 of the net proceeds raised from the previously announced private placement that closed in September 2018 was not used to complete the closing of the Merger of Ruby Assets Agreement dated July 14, 2018, as amended, but was used for general corporate purposes and developing its current mining assets.

[Sam Dan]

Spoke to management and they confirmed the proposed assets transaction is a BUY of the listed assets.

[Sam Dan]

Another update. Not clear to me as I think the transaction is an aquisition, NOT a sale. Will try to get clarification.
" Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces the extension of the drop dead date for the closing of the Merger of Ruby Assets Agreement dated July 14, 2018, as amended (the “MRAA”). In accordance with the MRAA, on July 26, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop-dead date of the MRAA from July 31, 2019 to August 31, 2019.

The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition."

[Sam Dan]

Further update of company
"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, is pleased to provide an update in respect of the option agreement that was entered into by the Company and Richland Resources Ltd. (“Richland”) on June 26, 2019 (the “Option Agreement”), pursuant to which the Company is entitled to an option to acquire 100% interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) (the permits and the licenses are collectively referred to herein as the “Licences”) for a sapphire mining project in Queensland, Australia (the “Acquisition”). The Acquisition is described in more detail in the Company’s press release dated June 27, 2019.

Amended Option Agreement

On July 19, 2019, to facilitate completion of the Acquisition, Fura and Richland entered into an amending agreement to the Option Agreement (the “Amended Option Agreement”), whereby the parties agreed to (i) reduce the option fee payable by Fura to Richland from C$150,000 to C$25,000 (the “Option Fee”), and (ii) increase the cash consideration payable on completion of the Acquisition by C$125,000, plus an amount equal to the interest accrued to completion on a C$125,000 loan made to Richland by a third party, such amount not to exceed C$3,000.

Exercise of Option

On July 19, 2019, Fura issued an exercise notice in accordance with the terms of the Amended Option Agreement, which was accepted by Richland and includes an acknowledgement by Richland that the Option Fee is deemed to include payment of the C$100 exercise price.

[Sam Dan]

Very important news. Successful completion of PP raised $30,915.000 oversubscribed [not sure if us or cnd]. This deal will allow the company to develop a very significant revenue producing company.
The issuance of shares from this PP might produce significant control of the company by the major holders of shares.
Hopefully minority shareholders will be treated fairly
"FURA ANNOUNCES OVER-SUBSCRIBED CAD$30.92 MILLION PRIVATE PLACEMENT AND ACQUISITION OF AUSTRALIAN SAPPHIRE MINING PROJECT
Fura Gems Inc.'s non-brokered private placement offering of up to 121.5 million common shares of the company for gross proceeds of up to $30,375,000 that was previously announced on May 15, 2019, has been oversubscribed by Lord of Seven Hills Holdings FZE. The company has entered into an option agreement to acquire 100-per-cent interests in two mining permits (EPM 25973 and EPM 25978) and three mining licences (ML 70419, ML 70447 and ML 70451) for a sapphire mining project in Queensland, Australia.
Dev Shetty, president and chief executive officer of Fura, commented: "We are pleased with the response to our capital raise and we believe that securing this funding will significantly accelerate our plans in Colombia and Mozambique and move the company along the path to revenue generating mining operations. In addition, our anticipated entry into sapphire gemstone mining in Australia represents the final leg of Fura's journey to hold properties containing deposits of all the big three coloured gemstones (being rubies, emeralds and sapphires). We believe this approach adds value to both the gemstone industry and our shareholders. Although the sapphire project in Australia is already a producing mine, we intend to more clearly delineate the deposit during the second half of this year and scale up operations in 2020."
I urge shareholders to read the whole PR

[Sam Dan]

Obviously management is having a problem completing the PP
to fund the proposed merger. Share price will be limited until the PP is completed.
Hope it isn't too difficult to complete.
"TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces the extension of the drop dead date for the closing of the Merger of Ruby Assets Agreement dated July 14, 2018, as amended (the “MRAA”). In accordance with the MRAA, on May 28, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop-dead date of the MRAA from May 31, 2019 to June 30, 2019.
The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange."

[Sam Dan]

Nice to know at least one other person on this board!! Welcome

[TheKing2022]

This is why I never buy an early stage miner - they dilute like crazy for the first 5 years. Still a lot of potential, but now more like a 2021 play.

[Sam Dan]

Major share dilution! Guess they need the money to finally close the deal outstanding
) -- 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.""

[Sam Dan]

DAH !!
What does drop dead really mean?

Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces the extension of the drop dead date for the closing of the Merger of Ruby Assets Agreement dated July 14, 2018, as amended (the “MRAA”). In accordance with the MRAA, on April 29, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop dead date of the MRAA from April 30, 2019 to May 31, 2019.

The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange.

[Sam Dan]

Again ,another delay! Again no idea why deal is delayed!!
"Fura Provides Update on Ruby Transaction in Mozambique and Board Update

TORONTO, April 02, 2019 (GLOBE NEWSWIRE) -- Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces the extension of the drop dead date for the closing of the Merger of Ruby Assets Agreement dated July 14, 2018, as amended (the “MRAA”). In accordance with the MRAA, on March 29, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop dead date of the MRAA from March 31, 2019 to April 30, 2019.

The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange.

Fura also announces the resignation of Jaime Lalinde from the Company’s board of directors, effective immediately. The board and management of Fura express their gratitude to Mr. Lalinde for his efforts and extensive contributions and wish him well in his future endeavours.

[Sam Dan]

I hope this deal is going to be closed. No idea why the delay

"- Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA, OTC: FUGMF and FRA: BJ43) announces the extension of the drop dead date for the closing of the Merger of Ruby Assets Agreement dated July 14, 2018, as amended (the “MRAA”). In accordance with the MRAA, on February 28, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop dead date of the MRAA from February 28, 2019 to March 31, 2019.

The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”). Please see the Company’s press release dated November 29, 2018 for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange.

[Sam Dan]

Cuting edge move by management a promising structure for
the Market to appreciate FURA"s potential!!

"FURA PILOTS PROVENANCE PROOF BLOCKCHAIN TO PROMOTE TRANSPARENCY IN COLOURED GEMSTONE INDUSTRY

Fura Gems Inc. has launched the Provenance Proof Blockchain for the coloured gemstone industry, which is designed to promote industry transparency and is available to stakeholders across the coloured gemstone supply chain, free of charge.

Key highlights:

Provenance Proof Blockchain has been launched by Gubelin Gem Lab with Everledger, at the Tucson Gem Show, Arizona.
It is the first coloured gemstone blockchain, open to everyone in the gemstone industry, and uses software that is free of charge and accessible on a smart phone.
Emeralds from Fura's Coscuez emerald mine were used to test the technology.
The technology has been successfully applied to the diamond industry and is a groundbreaking addition to the coloured stone industry.
This is an opportunity for Colombia, which as an emerald source sets a new precedent for best practices and responsibly sourced emeralds globally.
For Fura, the initiative is part of a wider strategy to provide a consistent and transparent supply of coloured gemstones to the market.
Fura will combine this blockchain technology with nanoparticles of the emerald paternity test, which act as physical tracers.
The blockchain provides a shared ledger that creates a verifiable and tamper-proof logbook of transactions throughout the supply chain that can be viewed by all the authorized stakeholders.
Fura believes that this technology will:
Promote consumer confidence by providing more knowledge to the end consumers about the chain of custody;
Raise standards within the industry, as consumers and jewellers are able to select brands and miners whose core values align with their own.
Dev Shetty, president and chief executive officer of Fura, commented: "We firmly believe that the application of blockchain technology to the coloured gemstone industry will raise best practices and serve the entire supply chain by educating consumers, promoting transparency, and providing a platform from which producers can demonstrate their commitment to preserving the environment and contributing to local communities through education, training and employment opportunities. This is also a significant moment for Fura and Colombia, as we have the opportunity to set a new precedent for responsibly sourced emeralds, and Fura is proud to have supported this project from its inception."

Raphael Gubelin, president of the House of Gubelin, commented: "To our family company, it has always been essential to provide as much information as possible to the industry and the end consumer. Therefore, we have established the Provenance Proof Blockchain to promote transparency in the gemstone industry on a completely new level. We invite every stakeholder who embraces transparency to participate."

Provenance Proof Blockchain

Provenance Proof Blockchain is one technology developed under the Provenance Proof initiative, established by the Gubelin Gem Lab, offering various cutting-edge technology solutions that enable transparency within the coloured gemstone industry. Provenance Proof Blockchain can be applied in combination with the emerald paternity test, for which DNA-based nanoparticles act as tracers carrying information regarding provenance from the mine to the market. Fura has decided to take advantage of these two technologies at the Coscuez emerald mine. Blockchain is used to encrypt the information so that it is possible for every stakeholder to access information about individual gemstones along their path from mine to market. The software can be accessed by smart phone, free of charge. The concept, which has been tested by the diamond industry, is a significant advance for the coloured stone industry, as jewellers and end consumers are now able to select stones from miners whose brand and values align with their own. Testing of the Provenance Proof Blockchain was carried out using samples of emeralds from Fura's Coscuez emerald mine, in Colombia, as part of a wider strategy to promote Colombia and Colombian emeralds as global leaders in responsible mining practises.

Blockchain for Colombian emeralds

Fura is committed to bringing a consistent supply of responsibly sourced coloured stones to the international market. Using the blockchain in this way, consumers and retailers are able to connect more deeply with the emeralds they buy and to select suppliers according to their values rather than simply aesthetics. In this way, responsible practices are promoted along the chain of custody and, in doing so, the perception of both the miners and the origin is raised. This is particularly pertinent for Colombia and the Colombian emerald industry, which is transforming itself into a global leader for responsible sourcing in the coloured gemstone industry, aided by this new technology.

How does it work?

The blockchain is effectively a shared ledger that creates a logbook of transactions down the supply chain. The blockchain starts in the mine and contains some information about the miner, mining location, a simple description of the stone and a time stamp. This information gets forwarded to the buyer by way of a digital key, which allows such buyer to then write the next chapter in this ledger. All authorized stakeholders along the value chain, including end consumers, can view transactions and add their specific information by using a smart phone, free of charge. Digitizing the supply chain promotes transparency by bringing stakeholders together and providing them with more information than has ever been available before.

Panel discussion at Tucson Gem Show

As part of the launch event for the Provenance Proof Blockchain initiative, Rupak Sen, Fura's vice-president, marketing and sales, joined Raphael Gubelin, president of the House of Gubelin, Leanne Kemp, chief executive officer and founder of Everledger, and Patricia Syvrud, minerals, materials and society program development manager at the College of Earth, Ocean and Environment, University of Delaware, on stage to highlight the significance of this initiative in bringing transparency to the gem and jewellery industry, and the value that this knowledge offers to stakeholders along the entire chain of custody.

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.

[Sam Dan]

Market seems to be waking up to the true valuation for their gem holdings. About time and hopefully quite a bit higher.

[Sam Dan]

Finally the 43-101 filed. Showing very significant EMERALDS
deposits which promise high revenue for years to come. The assays don't lie.
Next step-begin Production??
“Fura” or the “Company”) is pleased to announce the filing of its National Instrument 43-101 (“NI 43-101”) compliant technical report (the “Technical Report”). This follows the Company’s press release issued on December 12, 2018 announcing the maiden Mineral Resource estimate for its 76% owned Coscuez emerald mine in Colombia (the “Coscuez Emerald Mine”, or “Coscuez”). The Technical Report supports the scientific and technical disclosure in the Company’s news release dated December 12, 2018, the highlights of which are below.
Highlights

Maiden Inferred Mineral Resource estimate at Coscuez Mine is in accordance with the NI 43-101 and the first of its kind at an emerald deposit in Colombia.
Activities to deliver the Mineral Resource estimate included:
Mapping of more than 20 km of existing underground tunnels;
Completion of more than 1,700 m of core drilling; and
Recovery of nearly 16,000 carats of emeralds from bulk sampling activities.
Inferred Mineral Resource estimate:
3 million tonnes of Inferred Mineral Resources;
Grade of 2.0 carats per tonne;
6 million carats contained;
Estimated life of mine for Coscuez of 30 years;
Conservative case price of USD$200/carat; and
Estimate prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto, Canada.
The Technical Report entitled “Technical Report on the Coscuez Emerald Mine, Boyaca Department, Colombia for Fura Gems Inc.”, dated January 23, 2019, was prepared for Fura by Harrison Cookenboo, Ph.D., P.Geo., APEGBC, NAPEG, APEGS, OGQ, Warren F. Boyd, B.Sc, FGA, FCGmA, FGAC, Gemmologist – Geologist and Ross MacFarlane, P.Eng., Senior Associate Mining and Metallurgical Engineer, each from the independent group Watts, Griffis and McOuat Limited (“WGM”), and is available under the Company’s profile on SEDAR at www.sedar.com and on the Company's website atwww.furagems.com.

Qualified Person

Dr. Harrison Cookenboo, Ph.D., P.Geo., is a Qualified Person as defined by NI 43-101 and is independent of Fura. Dr. Cookenboo is responsible for reviewing and approving this Mineral Resource estimate. He has verified, reviewed and approved the technical data contained in this news release.

[Sam Dan]

Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43) is pleased to announce a Corporate Update Webinar with management to discuss an in-depth overview of the Company’s two assets (The Colombian Coscuez Emerald Mine and Fura’s Ruby Assets in Mozambique), its recently completed 43-101 resource at Coscuez and an overview of the gemstone market.

The Webinar will be hosted by Dev Shetty (President and CEO) on Wednesday, January 9th at 11:00am ET. Dev will be available to answer questions following the presentation. To ask a question, you will need to log-in to the Readytalk Platform (http://www.readytalk.com/join) and submit the question directly into the chat module. For a calendar invite to the webinar, please email [e-mail]. Online access and dial-in numbers are as follows:

Webinar Platform (access at the time of event):
* http://www.readytalk.com/join
* Access code: 5147677
Dial-In Numbers:
* Canada: [phone]
* United States: [phone]
* Access Code: 5147677

[Sam Dan]

Todays PR reveals HUGE possible value of FURA's mineral holdings
FURA ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE FOR THE COSCUEZ EMERALD MINE, A FIRST FOR THE COLOMBIAN EMERALD SECTOR

Fura Gems Inc. has released a maiden mineral resource estimate for its 76-per-cent-owned Coscuez emerald mine in Colombia and the first mineral resource estimate in the Colombian emerald sector.

The maiden Mineral Resource estimate, prepared and classified by independent group Watts, Griffis and McOuat Limited ("WGM"), contains an estimated 3 million tonnes of Inferred Mineral Resources at a grade of 2.0 carats per tonne, for a total of 6 million carats with a conservative price of USD$200 per carat. Coscuez Emerald Mine is located in the heart of the most important emerald mining region of Colombia and was acquired by Fura in January 2018.

The Mineral Resources estimate is reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves and Guidelines and was prepared in accordance with National Instrument 43-101 ("NI 43-101").

Highlights

Maiden Inferred Mineral Resource estimate at Coscuez Mine is in accordance with the NI 43-101 and the first of its kind at an Emerald deposit in Colombia.

Activities to deliver the Mineral Resource estimate included:

Mapping of more than 20 km of existing underground tunnels;

Completion of more than 1,600 m of core drilling; and,

Recovery of nearly 16,000 carats of emeralds from bulk sampling activities.

Inferred Mineral Resource estimate:

3 million tonnes of Inferred Mineral Resources;

Grade of 2.0 carats per tonne;

6 million carats contained;

Estimated life of mine for Coscuez of 30 years;

Conservative case price of USD$200/carat; and,

Estimate prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto, Canada.

Dev Shetty, President and CEO of Fura, commented: "We have today published our maiden Mineral Resource estimate at Coscuez, which is a first for the Colombian emerald sector. Pleasingly, this maiden Mineral Resource estimate comes less than a year since acquiring this mine. These results highlight the opportunity we have here, at a mine that has previously produced some of the finest emeralds in the world."

"Fura's Colombian team have worked hard during the year to complete this resource estimate, including the mapping of more than 20km of our existing underground mine workings. Our findings have been confirmed by WGM, one of the longest running mining consultant groups in Canada. In addition, WGM has estimated a price of USD$200 per carat, which is significantly higher than the average prices achieved by Zambia's emerald producers."

"This maiden Mineral Resource estimate is also the result of our ongoing bulk sampling activities, where we have recovered nearly 16,000 carats of emeralds. Importantly, this continues to give us additional confidence to the geological understanding, emerald distribution and the potential value of the stones we have recovered."

"This historic mine's maiden Mineral Resource estimate is a significant milestone for the Company. We look forward to upgrading the resource estimate to higher category in the upcoming year. I would like to thank all of the Fura employees for their constant hard work, the community, local partners and the Government of Colombia for their consistent support."

Inferred Emerald Mineral Resource Estimate

The maiden Mineral Resource estimate (Table 1) for the Coscuez Emerald Mine was prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto, Canada. WGM is one of the longest running mining consultant groups in Canada and has used this experience to geologically model and estimate the initial emerald Mineral Resource. To complete this Mineral Resource estimate, WGM has reviewed Fura's geological mapping, 3D modelling and drill log files, as well as having their qualified professionals (QPs) make three site visits to the Coscuez mine site and Fura's offices in downtown Bogota.

The Mineral Resources estimate is reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves and Guidelines and is prepared in accordance with National Instrument 43-101 ("NI 43-101"). The Mineral Resource estimate is effective as of November 30, 2018 and the technical report (the "Technical Report") summarizing the results will be filed under the Company's profile on SEDAR and Fura's website within 45 days of this news release. For further information with respect to the key assumptions, parameters, risks, the mineral resource estimate, data verification, QA/QC and other technical information with respect to the Coscuez Emerald Mine, please refer to the Technical Report, when available.

The Coscuez Emerald Mine is estimated to contain three million tonnes and six million carats.

Table 1: Estimate of Inferred Mineral Resource at Coscuez as at November 30, 2018

Estimated inferred mineral resource

Grade (ct/t) Value per carat ($/ct) Tonnes (t) Carats
2.0 $200 3 million 6 million



Notes: All currency in US$. Following a review of emeralds produced during Fura's bulk sampling program, a conservative US$200 per carat average value was used. A broad range of potential grades from 0.5 carats per tonne up to 4.5 carats per tonne are plausible. 2.0 carats per tonne is the most suitable for the inferred Mineral Resource estimate. Fura's current mine plan is targeting 105,000 tonnes per year by underground methods which may be improved as the understanding of the rock mechanics and vein/breccia distribution increases. Estimated 105,000 tonnes per year over 30 years (i.e. 3 million tonnes) in the Mineral Resource estimate, with an inference that such mining can be done for roughly US$50 per tonne. The potentially mineralized Muzo formation is more than sufficient in tonnage to support Fura's current mine plan. All reported Mineral Resources are limited to fall within the property boundaries of the project area. Inferred Mineral Resources have a large degree of uncertainty as to their existence and whether they can be mined economically. It cannot be assumed that all or any part of the Inferred Mineral Resource will be upgraded to a higher confidence category. There is both considerable downside and upside in this maiden Mineral Resource estimate. On the downside, it is plausible that further bulk sampling will not support grades as high as considered in the Mineral Resource estimate. As well, limitations to the site, the situation with artisanal miners, and government regulations may impact the resource estimate negatively. On the upside, the size of the Muzo Formation may prove sufficient to support a significantly larger mining operation, and high grades may continue to be encountered at a greater frequency than assumed in this estimate. As well, the mining cost estimate may decrease as methods are refined. There are no other known environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other relevant factors that could materially affect the above estimate of mineral resources.

Table 2 below, is a summary of the potential grades (from 0.5 to 4.5 cts/t), against per carat values (US$140/ct, US$200/ct, and US$260/ct) and indicates nearly all cases exceed likely mining costs by a factor of at least 2 times (Table 1). Only the lowest potential grade and value case (red in Table 2) is less than 2 times the expected roughly US$50/tonne mining cost. Blue values in Table 2 are 2 to 10 times expected mining costs, and black values are 10 to 20 times, or more.

Table 2: Exploration Target - Range of Potential Grades and Per Carat Values

Range of potential $140 $200 $260 per carat
grades
0.5 ct/tonne $70 $100 $130 per tonne
1.0 ct/tonne $140 $200 $260 per tonne
1.5 ct/tonne $210 $300 $390 per tonne
2.0 ct/tonne $280 $400 $520 per tonne
2.5 ct/tonne $350 $500 $650 per tonne
3.0 ct/tonne $420 $600 $780 per tonne
3.5 ct/tonne $490 $700 $910 per tonne
4.0 ct/tonne $560 $800 $1,040 per tonne
4.5 ct/tonne $630 $900 $1,170 per tonne
From the broad range of potential grade and per carat values, it was determined that 2.0 carats per tonne, and US$200/carat is the most reasonable and conservative case on which to estimate an initial Mineral Resource estimate at Coscuez.

Fura's ongoing bulk sampling program is providing additional confidence to the geological understanding, emerald distribution and potential value of the stones, and as additional bulking sampling and drilling information is made available, WGM is of the opinion that the categorization of the current Mineral Resources can be upgraded.

The upside at Coscuez may be viewed as an exploration target of considerable potential (a "target for further exploration" in CIM usage). The entire body of the Muzo Formation potentially encloses 30 million m3 of rock, as estimated by Fura from its 3D modelling which is based on tunnel and drill hole geology (Fig. 1).

Exploration Target

Using a density of 2.4 implies an overall potential of roughly 70 million tonnes. Applying a range of plausible and conservative grades between 0.5 and 2 cts/t, points toward an exploration target potential for the entire Muzo Formation of between 35 million and 140 million total contained carats. Using arbitrary reduction factors of 50% and 75% to conservatively account for mining recovery limits, this Coscuez exploration target is estimated to host between approximately 10 million to 70 million carats (Table 3). The potential quantity and grade is conceptual in nature, as there has not been sufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

Table 3: Coscuez exploration target potential, subject to further results from Fura's ongoing exploration program.

Range of Potential Carats Potential Carats Potential Carats
potential at 75% tonnage at 50% tonnage from Exploration
grades reduction factor reduction factor target of total
(~20 million tonnes) (35 million tonnes) 70 million tonnes


0.5 ct/tonne 9,000,000 17,500,000 35,000,000
1.0 ct/tonne 18,000,000 35,000,000 70,000,000
1.5 ct/tonne 27,000,000 52,500,000 105,000,000
2.0 ct/tonne 36,000,000 70,000,000 140,000,000
Coscuez Emerald Mine

Fura acquired the Coscuez mine in January 2018 and has moved steadily forward to upgrade the project to modern standards of geological understanding, safety and environmental controls. Fura's geological investigations in 2018 have included mapping more than 20 km of underground tunnels, completing 1,600 m of core drilling, and recovering nearly 16,000 carats of emeralds from underground bulk samples.

The Coscuez mine is a historically important producer of valuable emeralds. Fura is in the early stages of testing but has already produced results sufficient for WGM to estimate an inferred resource of emeralds occurs at Coscuez. The bulk sample has produced 15,864 carats (plus emeralds contained in rocks) from 2,242 tonnes processed through October, mostly from the Itoco-2 area following a calcite breccia vein zone.

Qualified Person

Dr. Harrison Cookenboo, Ph.D., P.Geo., is a Qualified Person as defined by NI 43-101 and is independent of Fura. Dr. Cookenboo is responsible for reviewing and approving this Mineral Resource estimate. He has verified, reviewed and approved the technical data contained in this news release.

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 in the Coscuez emerald mine in Boyaca, Colombia. Fura is also involved in the exploration and mining of rubies in Mozambique through its 80% effective interest in the four ruby mining licenses (4392L, 3868L, 3869L and 6811L).

[Sam Dan]

Fura Gems Inc. (“Fura” or the “Company”) (TSXV: FURA) (OTC: FUGMF) (FRA: BJ43) has closed, on a fully subscribed basis, a non-brokered private placement financing of common shares (the “Shares”) for gross proceeds of $5,249,000 (the “Offering”). Pursuant to the Offering, Fura issued 13,122,500 Shares at a price of $0.40 per Share. The Shares were issued at premium of 25% to the closing price of the Shares on the TSX Venture Exchange (the “Exchange”) on December 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 finder 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.
ura 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). Fura has also entered into merger of assets agreement with Mustang Resources Ltd., and Regius Resources Group Ltd. to acquire nine ruby licenses/concessions in Mozambique.