The placement will offer up to 121.5 million common shares at 25c per share, with the closing date June 28.

The funds raised will be used to develop Fura's Coscuez emerald project in Colombia and its ruby assets in Mozambique, as well as for general corporate purposes.

CEO Dev Shetty said successful completion of the offering would allow the company to continue to build value for its shareholders by advancing its projects.

"Given Fura's track record of successfully raising capital, I'm confident that we'll be able to complete the offering in a timely fashion," he said.

Fura's shares were trading at 25c/share Wednesday, 4.17% higher on the year, but down from 45c/share on February 6, the highest point so far this year.