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
AI
