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Fura Gems' placement to advance emerald, ruby assets increased to C$33.3M

Fura Gems Inc. said Aug. 15 that it is increasing its private placement to C$33.3 million, from the previously announced C$30.4 million, which will be used to advance the company's Coscuez emerald project in Colombia and ruby assets in Mozambique, and the closing of the ongoing acquisition of a ruby prospecting license in the Montepuez district of Cabo Delgado province in Mozambique.

The proceeds will also be used for the closing of the merger of ruby assets transaction announced on July 16, 2018, respecting its acquisition of 75% of the issued shares of Montepuez Minerals Pty Ltd., and to earn a 65% stake in Mustang Resources' 8955C mining concession in Mozambique through a joint agreement, and for general corporate purposes.

The closing of the private placement may be conducted in one or more tranches, wherein the first closing would be on or about Aug. 16.