It is offering up to 13.1 million common shares at C40c per share, a premium of 27% to Fura's closing price on November 23 of C32c.

The placement is expected to close around December 7 and was subject to approval of the TSX Venture Exchange, among others.

Fura is developing the Motepuez ruby project in Mozambique and expanded its ruby holdings in the country in July when it acquired nine licences and two wash-plants from Mustang Resources and its major shareholder Regius Resources Group for an A$3 million (US$2.2 million) upfront payment and A$12 million worth of shares to be issued in three lots.

It is also developing the 76%-owned Coscuez emerald project in Colombia where it started the second phase of a bulk sampling programme in September.