Fury Announces CAD$11,000,000 Private Placement

Rhea-AI Summary

Fury Gold Mines Limited has announced a private placement agreement for 13.75 million common shares at a price of $0.80 per share, raising CAD $11.0 million. Proceeds will fund ongoing exploration at the Eau Claire project in Quebec and support general working capital. The transaction is subject to exchange approval and is expected to close within three business days. The shares issued will be restricted under U.S. Securities regulations. This move underscores Fury's commitment to advancing its gold exploration initiatives.

Positive

• Raising CAD $11.0 million through private placement enhances liquidity.
• Funds will support exploration activities at the Eau Claire project.

Negative

• Shares will be restricted under U.S. Securities regulations, potentially limiting investor interest.

VANCOUVER, BC / ACCESSWIRE / April 12, 2022 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") announces that it has entered into subscription agreements with two placees who include a Canadian corporate investor and a US institutional investor for a private placement sale of 13.75 million common shares of the Company at a price of $0.80 for proceeds of CAD$11.0 million (the "Private Placement").

Proceeds from the Private Placement will be used to fund continued exploration at the Company's Eau Claire project in Quebec and for general working capital.

All Common Shares issued are subject to a hold period expiring four months from the closing date of the Private Placement in accordance with applicable securities laws. Closing of the Private Placement is subject to approval from the Toronto Stock Exchange and the NYSE American and is anticipated to occur within approximately three business days of this announcement.

The Common Shares have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and will not be offered or sold in the United States other than pursuant to available exemptions from the registration requirements of the U.S. Securities Act. Any securities sold to investors in the United States will be "restricted securities" and subject to restrictions on resale under the U.S. Securities Act. This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities.

About Fury Gold Mines Limited

Fury Gold Mines Limited is a Canadian-focused exploration company positioned in two prolific mining regions across the country. 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
Tel: (778) 729-0600
Email: info@furygoldmines.com
Website: www.furygoldmines.com

Forward-Looking Statements and Additional Cautionary Language

This release includes certain statements that may be deemed to be "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities laws ("forward-looking statements"), which relate to the completion of the Placement, the future operations of the Company and other statements that are not historical facts. Forward-looking statements in this release reflect management's current estimates, expectations or beliefs regarding future events and so have inherent uncertainty and risk. Specific forward-looking statements contained in this release includes information relating to completion of the Placement.

Readers should refer to the risks discussed in the Company's Base Shelf Prospectus and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com and with the United States Securities and Exchange Commission and available at www.sec.gov. Readers should not place heavy reliance on forward-looking statements, which speak only as of the date made.

SOURCE: Fury Gold Mines Limited

View source version on accesswire.com:
https://www.accesswire.com/697028/Fury-Announces-CAD11000000-Private-Placement

FAQ

What is Fury Gold Mines Limited's recent financial initiative?

Fury Gold Mines Limited has entered a private placement to sell 13.75 million shares at $0.80 each, raising CAD $11.0 million.

How will Fury Gold Mines use the proceeds from the private placement?

The proceeds will fund ongoing exploration at the Eau Claire project and provide general working capital.

When is the private placement expected to close for Fury Gold Mines?

The closing of the private placement is anticipated to occur within approximately three business days of the announcement.

What approvals are needed for Fury Gold Mines' private placement?

The private placement is subject to approval from the Toronto Stock Exchange and the NYSE American.

What restrictions apply to the shares from Fury Gold Mines' private placement?

The shares issued will be subject to a hold period and will be considered restricted securities under U.S. Securities regulations.