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Flow-through Share Premium Liability | 12 Months Ended
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Dec. 31, 2020
September 22, 2017 [member] |
Flow-through Share Liability | Flow-through shares are issued at a premium, calculated as the difference between the price of a flow-through share and the price of a common share at that date. Tax deductions generated by eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced. In July 2019, the Company completed a non-brokered flow-through private placement. The placement consisted of 633,334 flow-through common shares (pre-consolidation) priced at $3.00 per flow-through share (pre-consolidation) for gross proceeds of $1.9 million which were to be used exclusively for exploration on the Committee Bay project. The flow-through spending commitment was fulfilled. In July 2020, in response to the economic impact of COVID-19, the Government of Canada extended the timelines for eligible expenditures from 24 to 36 months. In September 2020, the Company completed an equity financing by raising gross proceeds of $23 million (the “September 2020 Offering”) through the issuance of 7,750,000 subscription receipts (the “Subscription Receipts”); gross proceeds were held in escrow until the completion of the Transaction on October 9, 2020. Out of the Subscription Receipts sold, 5,000,000 were flow-through receipts for gross proceeds of $17.5 million and were exchanged for Fury Gold common shares designated as flow-through shares, while 2,750,000 Subscription Receipts were sold as non-flow-through for gross proceeds of $5.5 million and exchanged for Fury Gold common shares. The flow-through proceeds will be used for mineral exploration in Québec. The Company is committed to incur exploration expenditures before December 31, 2022 in the amount of $17.5 million, which was renounced to investors in December 2020. As a result of the acquisition of Eastmain (note 4ii), the Company assumed a flow-through share premium liability of $590, representing the remaining expenditures to be incurred on the Québec projects before December 31, 2022, and which was renounced to investors in December 2020. The flow-through share funding and expenditures along with the corresponding impact on the flow-through share premium liability were as follows:
|  | Flow-through funding and expenditures |  |  | Flow-through |
|  | Québec |  |  | Nunavut |  |  | British Columbia |  |  | Total |  |  | premium liability |
Balance at December 31, 2018 |  | $ | - |  |  | $ | 433 |  |  | $ | 737 |  |  | $ | 1,170 |  |  | $ | 317 |
Flow-through funds raised |  |  | - |  |  |  | 1,900 |  |  |  | - |  |  |  | 1,900 |  |  |  | 557 |
Flow-through eligible expenditures |  |  | - |  |  |  | (2,309 | ) |  |  | (737 | ) |  |  | (3,046 | ) |  |  | (867 | )
Balance at December 31, 2019 |  | $ | - |  |  | $ | 24 |  |  | $ | - |  |  | $ | 24 |  |  | $ | 7 |
Flow-through liability assumed |  |  | 2,391 |  |  |  | - |  |  |  | - |  |  |  | 2,391 |  |  |  | 590 |
Flow-through funds raised |  |  | 17,500 |  |  |  | - |  |  |  | - |  |  |  | 17,500 |  |  |  | 7,500 |
Flow-through eligible expenditures |  |  | (1,812 | ) |  |  | (24 | ) |  |  | - |  |  |  | (1,836 | ) |  |  | (453 | )
Balance at December 31, 2020 |  | $ | 18,079 |  |  | $ | - |  |  | $ | - |  |  | $ | 18,079 |  |  | $ | 7,644 |

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- Definition The entire disclosure for all flow-through share liability information. + References No definition available. + Details
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- References No definition available. + Details
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