Fura Gems Inc. plans to raise C$10 million through a private placement of up to 25 million shares priced at 40 cents each.

The company said Aug. 14 that the proceeds will mainly be used to complete the acquisition of nine ruby assets in Mozambique from Mustang Resources Ltd. and Regius Resources Group Ltd. and the acquisition of a ruby prospecting license in the country.

The offering is expected to close around Aug. 24.