Fury Announces C$2.5 Million Financing

Rhea-AI Summary

Fury Gold Mines (TSX, NYSE: FURY) has announced a private placement offering to raise C$2.5 million through the issuance of up to 3,246,753 flow-through common shares at C$0.77 per share. The offering is targeted at accredited and institutional investors in Canada. The proceeds will be used for eligible Canadian exploration expenses at the company's projects in Québec and Nunavut, qualifying as flow-through mining expenditures. The company plans to renounce these expenses by December 31, 2025, and complete the expenditures by December 31, 2026. The offering is expected to close around June 19, 2025, subject to regulatory approvals. While not brokered, Fury may pay finder's fees up to 6%. The shares will have a four-month statutory hold period and are not registered for sale in the United States.

Positive

• Flow-through share structure provides tax benefits for Canadian investors
• Funds will be used to advance exploration projects in Quebec and Nunavut

Negative

• Potential dilution for existing shareholders
• Limited to Canadian investors only
• Small offering size of only C$2.5 million may not be sufficient for extensive exploration

Insights

Mining Investment Analyst

Fury's C$2.5M flow-through financing provides limited exploration funding at premium pricing, with minimal dilution to shareholders.

Fury Gold Mines is raising C$2.5 million through a small private placement of 3.25 million flow-through shares priced at C$0.77 each. This financing structure is noteworthy as flow-through shares typically command a premium to market price while providing tax benefits to Canadian investors. The company will use these funds specifically for exploration activities at its Québec and Nunavut projects, with commitments to incur qualified expenses by December 2026.

The size of this raise is relatively modest for a mining exploration company, suggesting this is meant to fund specific targeted exploration work rather than a major drilling campaign. At C$0.77 per share, this represents a controlled level of dilution for existing shareholders. The private placement to a small group of accredited and institutional investors indicates strategic fundraising rather than a broad market offering.

This non-brokered placement (though finder's fees up to 6% may apply) demonstrates Fury's ability to tap into its network of investors directly. The regulatory hold period of four months aligns with standard Canadian securities requirements. The financing is expected to close around June 19, 2025, subject to customary approvals including from both the TSX and NYSE American exchanges where Fury is dual-listed.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) intends to privately place with a small group of accredited and institutional investors in Canada up to 3,246,753 common shares (the “Shares”) of the Company, at a price of C$0.77 per Share for total gross proceeds of C$2,500,000 (the “Offering”).

Each Share will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada), but will in all other respects be an ordinary Fury common share. The gross proceeds from the sale of the Shares will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) at the Company’s projects in Québec and Nunavut. The Company will renounce such qualifying expenditures with an effective date of no later than December 31, 2025, in an amount of not less than the total amount of the gross proceeds raised from the issuance of Shares, and incur such expenses by December 31, 2026.

The Offering is expected to close on or about June 19, 2025 (the “Closing Date”), subject to execution of subscription agreements and customary closing conditions, including receipt of all necessary approvals, including the approval of the Toronto Stock Exchange (“TSX”) and the NYSE American LLC. Although the Offering is not brokered, the Company may pay finder’s fees of up to 6% from its current working capital for assistance with this financing to persons eligible to receive such fees. All Shares issued pursuant to the Offering will be subject to a statutory hold period of four months and a day from the Closing Date in accordance with applicable Canadian securities laws.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release is not an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Fury Gold Mines Limited

Fury Gold Mines Limited is a well-financed Canadian-focused exploration company positioned in two prolific mining regions across Canada and holds a 11.8 million common share position in Dolly Varden Silver Corp (approximately 14.5% of issued shares). Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.

For further information on Fury Gold Mines Limited, please contact:

Margaux Villalpando, Manager Investor Relations
Tel:	(844) 601-0841
Email:	info@furygoldmines.com
Website:	www.furygoldmines.com

Neither the TSX nor its Regulations Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements and Additional Cautionary Language

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Fury expects or anticipates will or may occur in the future including the Closing Date of the Offering, proposed use of proceeds of the Offering and the tax treatment of the Shares. Although Fury has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the Shares, the risks and uncertainties related to the Offering not being completed in the event that the conditions precedent thereto (including receipt of requisite regulatory approvals) are not satisfied; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in our recent securities filings available at www.sedarplus.ca.

There may also be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Fury does not undertake to update any forward-looking information except in accordance with applicable securities laws.

FAQ

What is the size and price of Fury Gold Mines' June 2025 financing?

Fury Gold Mines is raising C$2.5 million by issuing up to 3,246,753 flow-through shares at C$0.77 per share.

How will Fury Gold Mines (FURY) use the proceeds from the C$2.5M financing?

The proceeds will be used for eligible Canadian exploration expenses at the company's projects in Québec and Nunavut, qualifying as flow-through mining expenditures.

When is the expected closing date for Fury Gold Mines' 2025 private placement?

The offering is expected to close on or about June 19, 2025, subject to regulatory approvals and customary closing conditions.

What is the hold period for Fury Gold Mines' flow-through shares from the June 2025 offering?

The shares will have a statutory hold period of four months and one day from the closing date, as per Canadian securities laws.

Are U.S. investors eligible to participate in Fury Gold Mines' June 2025 financing?

No, the offering is limited to accredited and institutional investors in Canada and is not registered for sale in the United States.