Fury Gold Mines Ltd FURY

Latest drilling update

[GoldenOrb]

https://furygoldmines.com/news-and-media/news/fury-commences-drilling-at-the-eau-claire-deposit/

[pennyflipping]

How are they financing it? I thought they needed to raise $$$ for the the next drill program.

[hallidas1]

Well for starters they got $5M from DV on the same of Homestake and they did indicate that they got $2m from the Quebec Goverment. Remember they also filed a shelf prospuctus a while ago which they could use at any time to raise money, up to $200m. So I would think $5m could definetly get a few holes drilled and hopefully some positive results to generate share price increases for shelf sales

[pennyflipping]

Good call on the shelf prospectus. I honestly was expecting to see NRs that they raised money a few weeks ago when the SP jumped, and but didn't see anything. I'll be curious to see if the 5+2 million will be enough to fun the drill program + operating.

[hallidas1]

One of the things about this shelf procspectus is that they can go as slow or fast as they need to. They do not have to raise the total cost of the drill program all at once. I seem to recall that they indicated that they could access these funds within 5 days or so.  So if market is slow they could just access it in smaller chunks until market picks up. If the potential rumors of much higher

[pennyflipping]

I'm not too hopeful, but will keep this on my watch list. The original purpose of fury was to drill and add value with experienced management hedging the inherent risk. If the story has changed to gold needs to get to all new highs for the SP to go up, that isn't a long term value maker. I'm still not impressed with how management turned out. You can clump fury in with all their