08:27 AM EST, 03/06/2024 (MT Newswires) -- Fury Gold Mines ( FURY ) slipped 2.9% in premarket New York trading after the company said it agreed to sell a portion of its stake in Dolly Varden Silver ( DOLLF ) to institutional investors, raising C$4.01 million to fund its exploration projects.

The company said it is placing 5.45-million shares priced at C$0.735 each in the financing, leaving it with a 19.99% stake in Dolly Varden, down from 22%.

"The net proceeds from the transaction will be used for continued exploration at the Eau Claire and Eleonore South projects in Quebec and for general working capital," the company said.

Fury shares were last seen down US$0.012 to US$0.40 in premarket trade. They closed down C$0.01 to C$0.56 Tuesday on the Toronto Stock Exchange.