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Fura Gems Inc outlines plans to raise US$10mln

The private placement is being overseen by Panmure Gordon and Hannam & Partners
ruby miners
The company is developing emerald and ruby assets

Fura Gems Inc (CVE:FURA) said it wants to raise up to C$10mln via a placement of stock in the company at 40 cents a share.

The cash will be used to complete the merger of ruby assets formerly owned by Mustang Resources and Regius Resources as well as funding the purchase of a prospecting licence in Mozambique.

Fura owns emerald and ruby assets in Colombia and Mozambique respectively.

The private placement is being overseen by Panmure Gordon here in the UK and Hannam & Partners in Canada.

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