Major financing completed!! Management has significant Financial friends
" 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, has closed, on a fully subscribed basis, its previously announced private placement of common shares (the “Financing”). The Company issued 25,117,569 common shares pursuant to the Financing at a price of $0.40 per share for aggregate gross proceeds of $10,047,028. Hannam & Partners and Panmure Gordon (UK) Limited acted as Fura’s financial advisers in connection with the Financing.
The net proceeds of the Financing will be used: (i) to complete the merger of ruby assets transaction with Mustang Resources Ltd. and Regius Resources Group Ltd., as previously announced on July 16, 2018, (ii) to complete the acquisition of a ruby prospecting licence No. 5572L, as previously announced on July 26, 2018, and (iii) for general corporate purposes. All Fura common shares issued pursuant to the Financing will be subject to a regulatory hold period of four months and one day expiring on January 18, 2019.
In connection with the Financing, the Company has paid finders a cash commission of $139,384 and issued 145,192 finder warrants (the “Finder Warrants”). Each Finder Warrant shall entitle the holder to acquire one Fura common share at a price of $0.40 for a period of 24 months following the closing date of the Financing.
Fura also announces the appointment of G. Scott Moore to its board of directors, effective immediately.
Mr. Moore is a business executive with over 25 years of experience in the resource and durable goods sectors. He is presently the President & CEO of Euro Sun Mining Inc. Mr. Moore holds a Bachelor of Arts degree from the University of Toronto and an MBA from the Kellogg School of Management.
The appointment of Mr. Moore follows the resignation of Joe Carrabba from the Company’s board of directors. The board and management of Fura express their gratitude to Mr. Carrabba for his efforts and extensive contributions and wish him well in his future endeavours.
