6 October 2021
VANCOUVER, BC / ACCESSWIRE / October 6, 2021 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") announces that the Company has closed the first tranche of its non-brokered private placement announced on September 22, 2021 (the "Placement").
The Company issued 5,085,670units at a price of CAD$0.75 per unit for gross proceeds of CAD$3,814,253. Each unit consists of one common share of Fury (a "Common Share") and one common share purchase warrant (each, a "Warrant") entitling the holder to purchase one Common Share ("Warrant Share") at a price of CAD$1.20 for a period of three (3) years from today.The expiry date of the Warrants can be accelerated to 30 days with notice from the Company should the Common Shares trade after the expiry of the four-month hold period at a price equal to or greater than CAD$1.50 for 20 consecutive trading days. All Common Shares issued and Warrant Shares are subject to a hold period in Canada expiring four months from today in accordance with Canadian securities laws. The Company has received conditional approval from the Toronto Stock Exchange and the NYSE American for the issuance of an aggregate of 7,578,117 Units, inclusive of the 5,085,670 Units issued today and targets completion of one or more additional tranches within 10 days.
Net proceeds from the Placement will be used to fund continued exploration at the Company's Eau Claire project in Quebec and for working capital.