Fury Gold Mines Limited has arranged a non-brokered private placement to raise about C$5.025 million.
In a statement, the company said proceeds from the offering will be used to fund the continued exploration at its Eau Claire project in Quebec and for general working capital.
Fury plans to sell 6.7 million units at C$0.75 apiece and each unit will consist of one common share and one common share purchase warrant.
READ: Fury Gold Mines identifies 'numerous high quality' exploration targets at Eau Claire project, Quebec
Each warrant can be exercised to purchase a common share for C$1.20 until three years from the closing date. The expiry date of the warrants can be accelerated to 30 days by notice from the company should the shares trade at a price equal to or greater than C$1.50 for 20 consecutive trading days.
Fury said the placement may be completed in multiple tranches and is subject to receipt of executed subscription agreement as well as funds and customary closing conditions, including conditional approval from the Toronto Stock Exchange and the NYSE.
The shares and warrants will not be offered or sold in the US other than pursuant to available exemptions from the registration requirements of the US Securities Act. Any securities sold to investors in the US will be "restricted securities.”
Fury describes itself as a Canadian-focused explorer, positioned in three prolific mining regions across the country.
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