5 June 2025
TORONTO, Canada – June 5, 2025 – Fury Gold Mines Limited (TSX and NYSE American: FURY) (“Fury” or the “Company”) intends to privately place with a small group of accredited and institutional investors in Canada up to 3,246,753 common shares (the “Shares”) of the Company, at a price of C$0.77 per Share for total gross proceeds of C$2,500,000 (the “Offering”).
Each Share will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada), but will in all other respects be an ordinary Fury common share. The gross proceeds from the sale of the Shares will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) at the Company’s projects in Québec and Nunavut. The Company will renounce such qualifying expenditures with an effective date of no later than December 31, 2025, in an amount of not less than the total amount of the gross proceeds raised from the issuance of Shares, and incur such expenses by December 31, 2026.
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. Although the Offering is not brokered, the Company may pay finder’s fees of up to 6% from its current working capital for assistance with this financing to persons eligible to receive such fees. All Shares issued pursuant to the Offering will be subject to a statutory hold period of four months and a day from the Closing Date in accordance with applicable Canadian securities laws.