- 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.
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