Fury Upsizes Financing to C$3.08 Million

Rhea-AI Summary

Fury Gold Mines has increased its proposed private placement offering from C$2.5M to C$3.08M. The company plans to issue 4 million flow-through common shares at C$0.77 per share to accredited and institutional investors in Canada. The offering could potentially increase by up to 15.4% if a strategic investor exercises their pre-emptive participation rights. The closing is expected around June 19, 2025, subject to customary conditions including TSX and NYSE American approval. The securities will not be registered under U.S. Securities Act and cannot be offered or sold in the United States.

Positive

• Increased offering size from C$2.5M to C$3.08M showing strong investor interest
• Potential for additional 15.4% increase if strategic investor exercises pre-emptive rights
• Premium pricing of C$0.77 per flow-through share

Negative

• Potential dilution for existing shareholders
• Limited to Canadian investors, excluding U.S. market participation

Insights

Corporate Finance Specialist

Fury Gold increases private placement from C$2.5M to C$3.08M, signaling stronger investor interest than initially anticipated.

Fury Gold Mines has successfully upsized its private placement offering by 23.2%, from C$2.5 million to C$3.08 million. This enhanced capital raise involves issuing 4 million flow-through common shares priced at C$0.77 per share. The upsize, announced just one day after the initial offering, suggests stronger-than-expected investor appetite for Fury's equity.

Flow-through shares are a uniquely Canadian financing vehicle that provides tax benefits to investors while helping resource companies fund exploration activities. The premium pricing of these shares (compared to regular common shares) allows the company to minimize dilution while raising necessary capital for exploration programs.

The potential participation of a strategic investor with pre-emptive rights could further increase the offering by up to 15.4%, potentially bringing the total raise even higher. This suggests established investors remain confident in Fury's prospects and are willing to maintain their ownership percentage.

The timing of this financing coincides with the summer exploration season in Canada, indicating the funds are likely earmarked for near-term exploration activities. For junior miners like Fury, accessing capital efficiently is crucial for advancing projects and creating shareholder value through exploration success rather than depleting existing treasury.

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

TORONTO, June 06, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) announces that the proposed private placement offering announced June 5, 2025 has been increased from C$2,500,000 to C$3,080,000. Fury now intends to privately place with a small group of accredited and institutional investors in Canada a total of 4,000,000 flow-through common shares (the “Shares”) of the Company, at a price of C$0.77 per Share for total gross proceeds of C$3,080,000 (the “Offering”). This offering figure could increase by up to approximately 15.4% if a strategic investor elects to exercise its pre-emptive participation rights disclosed in a May 27, 2025 news release.

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. Other previously announced terms and conditions remain the same.

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. 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 success of the Offering, its 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 of Fury Gold Mines' (FURY) latest private placement offering?

Fury Gold Mines has upsized its private placement offering to C$3.08 million from the previously announced C$2.5 million

What is the price per share for Fury Gold Mines' (FURY) June 2025 offering?

The flow-through common shares are being offered at a price of C$0.77 per share

When is the expected closing date for Fury Gold Mines' (FURY) private placement?

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

How many shares will be issued in Fury Gold Mines' (FURY) June 2025 private placement?

Fury Gold Mines plans to issue 4,000,000 flow-through common shares

Can U.S. investors participate in Fury Gold Mines' (FURY) private placement?

No, the offering is limited to accredited and institutional investors in Canada and is not registered for U.S. investors