06:55:35 EST Tue 07 Dec 2021
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Fury Gold Mines Ltd
Symbol FURY
Shares Issued 118,259,500
Close 2021-10-06 C$ 0.78
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Fury Gold Mines closes first tranche for $3.81-million

2021-10-06 17:31 ET - News Release

Ms. Salisha Ilyas reports


Fury Gold Mines Ltd. has closed the first tranche of its non-brokered private placement announced on Sept. 22, 2021.

The company issued 5,085,670 units at a price of 75 cents per unit for gross proceeds of $3,814,253. Each unit consists of one common share of Fury and one common share purchase warrant entitling the holder to purchase one common share at a price of $1.20 for a period of three years from today.

The expiry date of the warrants can be accelerated to 30 days with notice from the company should the common shares trade after the expiry of the four-month hold period at a price equal to or greater than $1.50 for 20 consecutive trading days. All common shares issued and warrant shares are subject to a hold period in Canada expiring four months from today in accordance with Canadian securities laws.

The company has received conditional approval from the Toronto Stock Exchange and the NYSE American for the issuance of an aggregate of 7,578,117 units, inclusive of the 5,085,670 units issued today and targets completion of one or more additional tranches within 10 days.

Net proceeds from the placement will be used to finance continued exploration at the company's Eau Claire project in Quebec and for working capital.

About Fury Gold Mines Ltd.

Fury Gold Mines is a Canadian-focused gold exploration company positioned in three prolific mining regions across the country. Led by a management team and board of directors with proven success in financing exploration mining assets, Fury intends to grow and advance its multimillion-ounce gold platform through project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining.

We seek Safe Harbor.

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