2 March 2023
VANCOUVER, Canada – March 2, 2023 – 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”).
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 Quebec resident subscribers will also qualify for inclusion in the “exploration base relating to certain Quebec exploration expenses” and in the “exploration base relating to certain Quebec 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.