Fury Gold Mines Ltd 6-K, filed Oct 14, 2022
Fury Gold Mines Ltd (FURY)
About this 6-K
Fury Gold Mines Ltd filed this 6-K on October 14, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of October 2022
Commission File No. 001-38145
| Fury Gold Mines Limited |
| (Translation of registrant’s name into English) |
1630-1177 West Hastings Street, Vancouver, BC, V6E 2K3 Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ☐
SUBMITTED HEREWITH
Exhibits
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| Fury Gold Mines Limited |
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| Date: October 13, 2022 | By: | /s/ Lynsey Sherry |
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| Lynsey Sherry |
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| Chief Financial Officer |
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EXHIBIT 99.1
FORM 51–102F3
MATERIAL CHANGE REPORT
UNDER NATIONAL INSTRUMENT 51-102
| Item 1 | Name and Address of Company |
Fury Gold Mines Limited. (the “Company”)
1630-1177 West Hastings Street
Vancouver, BC V6E 2K3
| Item 2 | Date of Material Change |
October 13, 2022.
| Item 3 | News Release |
A news release was issued by the Company through newswire services on October 13, 2022.
| Item 4 | Summary of Material Change |
On October 13, 2022, the Company completed its previously announced non-brokered sale of 17 million common shares of Dolly Varden Silver Corporation (“Dolly Varden”) at CAD$0.40 per share for total gross proceeds of CAD$6,800,000.
| Item 5 | Full Description of Material Change |
Fury entered into a purchase and sale agreement dated October 3, 2022 (the “Purchase and Sale Agreement”) with a private institutional investor (the “Investor”) whereby Fury agreed to sell 17,000,000 common shares in the capital of Dolly Varden (the “Shares”) to the Investor (the “Sale Transaction”) at price of $0.40 per share. The Sale Transaction closed on October 13, 2022. Upon completion of the Sale Transaction, the ownership interest of Fury in Dolly Varden was reduced from 76,504,590 Dolly Varden Shares, representing approximately 33.2% of the outstanding common shares of Dolly Varden, to 59,504,590 Dolly Varden Shares, representing approximately 25.8% of the outstanding common shares of Dolly Varden.
Dolly Varden executed a consent in favour of Fury and the Investor confirming its consent to the Sale Transaction notwithstanding the contractual lock-up under Section 4.3 of the Investor Rights Agreement.
The remaining 59,504,590 Dolly Varden Shares owned by Fury represent the balance of the original 76,504,590 Dolly Varden Shares acquired by Fury from Dolly Varden pursuant to a definitive agreement with Dolly Varden dated December 6, 2021 (the "Purchase Agreement") pursuant to which Fury agreed to sell to Dolly Varden a 100% interest in Fury's wholly-owned subsidiary, Homestake Resources Corporation (“Homestake Resources”). Homestake Resources is the owner of a 100% interest in the Homestake Ridge gold-silver project which is located adjacent to the Dolly Varden Project owned by Dolly Varden in the Golden Triangle, British Columbia (the "Transaction"). Fury holds the remaining Dolly Varden Shares subject to the investor rights agreement entered into between Fury and Dolly Varden on February 25, 2022, a copy of which has been filed on SEDAR (the “Investor Rights Agreement”).
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| 5.1 | Disclosure for Restructuring Transactions |
Not applicable.
| Item 6 | Reliance on subsection 7.1(2) of National Instrument 51–102 |
Not applicable.
| Item 7 | Omitted Information |
Not applicable.
| Item 8 | Executive Officer |
Lynsey Sherry
Chief Financial Officer
Telephone: (844-601-0841)
| Item 9 | Date of Report |
October 13, 2022.
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