Business
Fury Completes the Sale of Dolly Varden Common Shares to an Institutional Investor
VANCOUVER, BC / ACCESSWIRE / October 13, 2022 / Fury Gold Mines Ltd (TSX:FURY)(NYSE American...
About this update from Fury Gold Mines Limited
[{"type":"text","content":"Fury Completes the Sale of Dolly Varden Common Shares to an Institutional InvestorVANCOUVER, BC / ACCESSWIRE / October 13, 2022 / Fury Gold Mines Ltd (TSX:FURY)(NYSE American:FURY) (\"Fury\") is pleased to announce the completion of the share sale transaction announced on October 3, 2022 (the \"Transaction\").Fury sold 17 million common shares at C$0.40 per share in the capital of the Dolly Varden Silver Corporation (\"Dolly Varden\"), representing approximately 7.4% of the outstanding common shares, to a well known institutional investor. The proceeds of the Transaction will be used to finance continued exploration at Fury's Eau Claire and Éléonore South Joint Venture projects in Quebec and for general working capital.Fury's ownership interest in Dolly Varden has been reduced from 76,504,590 shares, representing 33% of the outstanding common shares of Dolly Varden, to 59,504,590 shares, representing 26% of the outstanding common shares of Dolly Varden. Fury continues to have two nominees on Dolly Varden's board of directors under its Investor Rights Agreement with Dolly Varden and will continue to hold its remaining shares in Dolly Varden for investment purposes. Fury will evaluate its investment in Dolly Varden on an ongoing basis and may increase or decrease its holdings in Dolly Varden in the future, subject to its rights and obligations under the Investor Rights Agreement, a copy of which has been filed under Fury's and Dolly Varden's SEDAR profile.About Fury Gold Mines LimitedFury Gold Mines Limited is a well financed 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. 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, Investor RelationsTel: (844) 601-0841Email: [email protected]: www.fu...