Fury Announces Closing of Financing
- Successfully raised C$3.37 million in total gross proceeds
- Secured investment from major mining company Agnico Eagle through participation rights
- Funds will advance exploration programs in Quebec and Nunavut projects
- Share dilution through issuance of approximately 4.44 million new shares
- Flow-through shares issued at premium price of C$0.77 compared to C$0.67 for common shares
Insights
Fury secured C$3.37M through share placements to fund exploration activities, with notable institutional backing including Agnico Eagle.
Fury Gold Mines has successfully closed a
This financing structure is strategically significant as flow-through shares provide Canadian tax advantages, typically allowing mining companies to raise capital at a premium to their market price. The
The participation of "two large institutional investors" alongside Agnico Eagle (a major producer) signals market confidence in Fury's exploration potential. Agnico's continued investment is particularly noteworthy as major producers typically maintain stakes in juniors with assets they consider promising.
The proceeds are earmarked for exploration at the company's Quebec and Nunavut projects, with specific mention of the Committee Bay program. This cash infusion provides Fury with operating capital to advance exploration without immediate dilution pressure, though the company will need to demonstrate exploration success to justify the investment. The inclusion of a company director in the placement, while modest at 52,000 shares, represents an alignment of management interests with the company's exploration strategy.
TORONTO, June 20, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) is pleased to announce that, further to its previous announcement (see news release dated June 5, 2025), it has closed a private placement of 3,999,701 common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (“FT Shares”) at a price of C
In connection with the Offering, Agnico Eagle Mines Limited (“Agnico Eagle”) exercised its existing participation right and acquired 440,000 common shares of the Company (“Common Shares”) at a price of C
“We are excited by the interest in the Offering from two large institutional investors and one of our directors,” commented Tim Clark, CEO of Fury. “The proceeds from this financing will help us pursue exploration opportunities at our Quebec and Nunavut projects, driving the potential for discovery across our mineral exploration portfolio.”
One director of the Company purchased 52,000 FT Shares. The Company is relying on the exemption from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and 5.7(1)(a) of Canadian Multilateral Instrument 61-101 - Protection of Minority Shareholders in Related Party Transactions, as neither the fair market value of any securities issued, nor the consideration paid, exceeds
The securities offered in the Offering and the Private Placement have not been, and will not be, registered under the U.S. Securities Act of 1933 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 of 1933 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
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 news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. 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 proposed use of proceeds of the Offering and the Private Placement and the tax treatment of the FT 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 FT Shares, 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
How much money did Fury Gold Mines (FURY) raise in their June 2025 financing?
What is the price per share for FURY's flow-through shares vs common shares in the 2025 offering?
How many shares did Agnico Eagle purchase in FURY's 2025 private placement?
What will FURY use the proceeds from the 2025 financing for?
Did any FURY insiders participate in the June 2025 financing?
