Business
Fury Enters into Agreement to Place Shares of Dolly Varden Silver Corp. With Institutional Investors
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Fury Gold Mines Limited
[{"type":"text","content":"Fury Enters into Agreement to Place Shares of Dolly Varden Silver Corp. With Institutional InvestorsNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / March 6, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) (\"Fury\" or the \"Company\") announces that it has entered into an agreement with Haywood Securities Inc. to act as the Company's exclusive agent to use commercial efforts to sell up to 5,450,000 common shares (the \"Offered Dolly Shares\") at C$0.735 per Offered Dolly Share for gross proceeds of up to C$4,005,750 (the \"Transaction\") in one or more private, off-market, transactions. In connection with the proposed sale(s), Fury has filed a Form 45-102F1 Notice of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 - Resale of Securities to facilitate the sale. Closing of the sale is anticipated to occur on or about March 14, 2024, following the expiry of the seven-day notice period under NI 45-102.The net proceeds from the Transaction will be used for continued exploration at the Eau Claire and Éléonore South projects in Quebec and for general working capital. Following the completion of the sales, Fury will continue to hold approximately 19.99% of the common shares of Dolly Varden and will be well capitalized for its upcoming exploration activities. Following the closing of Dolly Varden's bought deal private placement, which is anticipated to close on March 21, 2024, Fury would hold approximately 18.99% of its common shares. Under the terms of a February 25, 2022, Investor Rights Agreement between Fury and Dolly Varden, Dolly Varden has agreed to waive its 10 business day period to arrange purchasers for a proposed sale.Fury has entered into an agreement with Haywood Securities Inc., (the \"Agent\") to act as exclusive agent to Fury in connection with the Transaction. In consideration for the services to be provided by the Agent, in connection with the sale of the Offered Dolly Shares, the Agent will receive an aggregate cash fee equal to 4.5% of the gross proceeds of the Transaction. Completion of the share sales is subject to securing binding purchase commitments and customary closing deliverables including an off-market transaction exemption. The targeted sale amount of C$4 million may comp...