Fury Gold Mines Limited (TSX: FURY, NYSE American: FURY)
(“Fury” or the “Company”) is pleased to announce that it
has entered into an agreement with Haywood Securities Inc., on
behalf of itself and a syndicate of underwriters to be formed
(collectively, the “Underwriters”) pursuant to which the
Underwriters have agreed to purchase, on a bought deal private
placement basis, 4,865,000 common shares of the Company that
qualify as “flow-through shares” as defined under subsection 66(15)
of the Income Tax Act (Canada) and section 359.1 of the Taxation
Act (Québec) (the “FT Shares”) at a price of C$1.44 per FT Share
(the “Issue Price”) to be sold on a charitable flow-through basis,
representing total gross proceeds to the Company of C$7,005,600
(the “Offering”).
In addition, the Company has agreed to grant to
the Underwriters an over-allotment option (the “Over-Allotment
Option”) exercisable, in whole or in part, at the sole discretion
of the Underwriter, to purchase up to an additional C$1,050,840
worth of FT Shares (representing 15% of the total number of FT
Shares comprising the Offering) at the Issue Price for a period of
up to 48 hours prior to closing of the Offering.
The FT Shares will be offered to purchasers
pursuant to the listed issuer financing exemption (“LIFE
Exemption”) under Part 5A of NI 45-106 in all of the provinces of
Canada, including Québec, and therefore will not be subject to
resale restrictions pursuant to applicable Canadian securities
laws.
There is an offering document related to the
Offering that can be accessed under the Company’s profile on SEDAR
at www.sedar.com and on the Company’s website at
www.furygoldmines.com. Prospective investors should read this
offering document before making an investment decision.
The gross proceeds of the Offering will be used
by the Corporation to incur eligible “Canadian exploration
expenses” that qualify as “flow-through mining expenditures” as
such terms are defined in the Income Tax Act (Canada), and with
respect to Québec resident subscribers will also qualify for
inclusion in the “exploration base relating to certain Québec
exploration expenses” and in the “exploration base relating to
certain Québec surface mining expenses or oil and gas exploration
expenses” within the meaning of the Taxation Act (Québec)
(collectively, the “Qualifying Expenditures”) related to the
Corporation’s projects in Québec on or before December 31, 2024.
All Qualifying Expenditures will be renounced in favour of the
subscribers of the FT Shares effective December 31, 2023. The
exploration expenditures to be incurred will include expenditures
in connection with the exploration of the Company’s Eau Claire and
Éléonore South Joint Venture projects, as detailed in the offering
document.
The Offering is scheduled to close on or about
March 23, 2023, subject to customary closing conditions, including
receipt of all necessary approvals including the approval of the
Toronto Stock Exchange (“TSX”) and the NYSE American. The Company
has agreed to pay the Underwriters a cash commission of up to 6% of
the gross proceeds raised under the Offering.
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 shall not
constitute 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
LimitedFury Gold Mines Limited is a Canadian-focused
exploration company positioned in two prolific mining regions
across the country and holds a 59.5 million common share position
in Dolly Varden Silver Corp. (23.5%). 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.
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.
For further information on Fury Gold
Mines Limited, please contact:Margaux Villalpando,
Investor RelationsTel: (844) 601-0841Email:
info@furygoldmines.comWebsite: www.furygoldmines.com
Forward-Looking InformationThis
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 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, competitive risks and the availability of financing, as
described in more detail in our recent securities filings available
at www.sedar.com. 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.
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