Fura Gems Inc. said Dec. 7 that it plans to undertake a private placement of its shares at 60 Canadian cents apiece to raise gross proceeds of C$12.5 million.

The company will use the proceeds to complete the acquisition of the Coscuez emerald mine in Colombia and for general corporate purposes.

The offering is expected to close by Dec. 20. Fura appointed Hannam & Partners as its financial adviser.