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The Market Online
7 days ago
- Business
- The Market Online
Agnico Eagle nearly triples down on falling micro-cap gold stock
Agnico Eagle Mines (TSX:AEM) increased its stake in micro-cap stock Fury Gold Mines (TSX:FURY) by 173 per cent, investing C$4,305,920 through a non-brokered private placement Fury Gold Mines is a Canadian-focused exploration company advancing a multi-million-ounce portfolio in Quebec and Nunavut The Canadian micro-cap gold stock has given back 1.82 per cent year-over-year and 88.7 per cent since October 2020 Agnico Eagle Mines (TSX:AEM) increased its stake in micro-cap stock Fury Gold Mines (TSX:FURY) by 173 per cent, investing C$4,305,920 through a non-brokered private placement. Fury will allocate C$3.9 million to exploration under its 2025 program at the over 1.2-million-ounce Committee Bay gold project in Nunavut – details are set to hit the wire in a few weeks – with the remaining proceeds available for general corporate purposes and other projects in the company's multi-million-ounce portfolio. According to Tuesday's news release, Agnico Eagle's investment will grow its ownership position from 2.3 per cent to 6.3 per cent of Fury Gold's issued shares, rising to 9.9 per cent on a partially diluted basis. The investment grants Agnico Eagle the rights to nominate one person to Fury Gold's board and increase and maintain its investment up to 9.9 per cent of issued shares. All shares are subject to a four-month resale restriction in Canada. Leadership insights 'We are pleased to have Agnico Eagle, one of Canada's premier companies and a top global gold producer, make an additional investment that will permit Fury to advance our understanding of the exploration potential at our Committee Bay project in Nunavut,' Tim Clark, Fury Gold Mines' chief executive officer, said in a statement. 'We believe the Arctic is likely to become increasingly important for future mineral exploration, and with this in mind, we are excited to accelerate our plans to build on past drilling success. As a reminder to investors, Fury retains full ownership of this exceptional project, which spans a 300-km greenstone belt—an impressive land package that is unique for a junior exploration company.' About Fury Gold Mines Fury Gold Mines is a Canadian-focused exploration company advancing a multi-million-ounce portfolio in Quebec and Nunavut. Fury Gold stock (TSX:FURY) is up by 3.85 per cent on the news trading at C$0.54 as of 10:09 am ET. The stock has given back 1.82 per cent year-over-year and 88.7 per cent since October 2020. Join the discussion: Find out what everybody's saying about this Canadian micro-cap gold stock on the Fury Gold Mines Ltd. Bullboard and check out Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Associated Press
7 days ago
- Business
- Associated Press
Fury Announces C$4.3M Strategic Investment
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) ('Fury' or the 'Company') announces that it has entered into a subscription agreement with Agnico Eagle Mines Limited ('Agnico Eagle') pursuant to which Agnico Eagle has acquired, on a non-brokered private placement basis, 6,728,000 units in the capital of the Company ('Units') at C$0.64 per Unit for gross proceeds of C$4,305,920 (the 'Private Placement'). Each Unit consists of one common share of Fury ('Share(s)') and one common share purchase warrant ('Warrant(s)'). Each Warrant is exercisable to purchase one Share at C$0.80 (the 'Exercise Price') for a 36-month period from the date of issuance on May 26, 2025, subject to accelerated expiry after 24 months if the market price of the Shares closes above the Exercise Price for twenty (20) consecutive trading days. Agnico previously acquired 3,750,000 Shares (2.3% of 160,332,345 issued Shares) and this investment increases Agnico's basic ownership to 6.3% of Fury's issued shares and its defined 'ownership interest' to 9.9% calculated on a 'partially diluted' basis (calculated on the assumptions that Agnico exercises its Warrants and no other dilutive securities are exercised). Proceeds from the Private Placement will be allocated as follows: C$3.9 million for exploration under the Company's 2025 exploration program at the Committee Bay project in the Kitikmeot Region of Nunavut, which will be announced in the coming weeks, and the remainder is available for other projects and general corporate purposes. 'We are pleased to have Agnico Eagle, one of Canada's premier companies and a top global gold producer, make an additional investment that will permit Fury to advance our understanding of the exploration potential at our Committee Bay project in Nunavut,' commented Tim Clark, CEO of Fury. 'We believe the Arctic is likely to become increasingly important for future mineral exploration and with this in mind, we are excited to accelerate our plans to build on past drilling success. As a reminder to investors, Fury retains full ownership of this exceptional project, which spans a 300km greenstone belt—an impressive land package that is unique for a junior exploration company.' All Shares, Warrants and any Shares issued on exercise of Warrants will have a four-month (from closing) resale restricted hold period in Canada. These securities have not been and will not be registered under the United States Securities act of 1933. On closing of the Private Placement, the Company and Agnico Eagle entered into an investor rights agreement pursuant to which Agnico Eagle has been granted certain rights (provided that it maintains certain ownership thresholds), including (i) the right to nominate one person to the board of directors of the Company, and (ii) the right to participate in certain equity offerings and top-up its holdings in relation to dilutive issuances in order to maintain or acquire up to the greater of Agnico Eagle's then-current ownership interest and an ownership interest of 9.9%. About Fury Gold Mines Limited Fury Gold Mines Limited is a well-financed Canadian-focused exploration company positioned in two prolific mining regions across Canada and holds a 11.8 million common share position in Dolly Varden Silver Corp (approximately 14.5% of issued shares). 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 For further information on Fury Gold Mines Limited, please contact: Forward-Looking Statements and Additional Cautionary Language This news release includes certain statements that may be deemed to be 'forward-looking statements' within the meaning of applicable securities laws, which statements relate to the future exploration operations of the Company and may include other statements that are not historical facts. Specific forward-looking statements contained in this news release includes information relating to use or proceeds of the Private Placement. Although the Company believes that the assumptions and expectations reflected in those forward-looking statements were reasonable at the time such statements were made, there can be no certainty that such assumptions and expectations will prove to be materially correct. Mineral exploration is a high-risk enterprise. Readers should refer to the risks discussed in the Company's Annual Information Form and MD&A for the year ended December 31, 2024 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at and the Company's Annual Report available at Readers should not place heavy reliance on forward-looking information, which is inherently uncertain.
Yahoo
29-04-2025
- Business
- Yahoo
Fury Gold Mines acquires Québec Precious Metals
Canada-focused gold exploration company Fury Gold Mines has completed the acquisition of Québec Precious Metals (QPM) by acquiring all the issued and outstanding common shares of QPM. The acquisition agreement was signed between the companies in February this year. The acquisition provides Fury with a prospective gold and critical minerals exploration portfolio exceeding 157,000ha in Quebec. The portfolio includes the Sakami, Elmer East and Kipawa projects. The transaction also enhances Fury's position in the mining sector, particularly within the James Bay gold camp and the Témiscaming region, where the Kipawa project is located. Under the terms of the arrangement, QPM shareholders received 0.0741 of a Fury common share for each QPM share held, resulting in the issuance of approximately 8.4 million Fury shares. Options and warrants of QPM are now exercisable for Fury shares, adjusted according to the exchange ratio. Fury CEO Tim Clark said: 'We are pleased to officially complete this transformative transaction, which doubles Fury's footprint in the Eeyou Istchee James Bay territory. 'The integration of QPM's high-potential gold and critical minerals assets with Fury's existing portfolio and strong financial position creates a more robust platform for exploration and growth.' Trading of QPM shares on the TSX Venture Exchange and the Frankfurt Stock Exchange has been halted, with delisting expected by 30 April 2025. QPM will also seek to cease being a reporting issuer in Canada. McMillan is serving as Fury's Canadian legal advisor, while BCF Business Law is advising QPM. QPM CEO and director Normand Champigny said: 'Completing this transaction with Fury marks an exciting new chapter for QPM's shareholders. With access to Fury's strong leadership, financial resources and permitting expertise, we are confident in the enhanced ability to accelerate exploration efforts at Sakami and beyond. 'This combination validates the work accomplished to date and positions the assets for meaningful advancement, offering significant upside potential in today's supportive gold market.' "Fury Gold Mines acquires Québec Precious Metals" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
