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Founders Metals Inc
Symbol FDR
Shares Issued 49,526,376
Close 2023-11-13 C$ 0.87
Market Cap C$ 43,087,947
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Founders Metals arranges $5-million private placement

2023-11-14 10:56 ET - News Release

Mr. Dave Burwell reports

FOUNDERS METALS - ANNOUNCES C$5 MILLION BOUGHT DEAL FINANCING

Founders Metals Inc. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy, on a bought deal basis by way of private placement, 6.25 million common shares of the company, at a price of 80 cents per common share for gross proceeds of approximately $5-million. In addition, the company has also granted the underwriters an option, exercisable up to 48 hours prior to the closing of the offering, to purchase up to an additional 15 per cent of the number of common shares purchased pursuant to the offering.

The company intends to use the net proceeds of the offering for continuing exploration activities on the Antino gold project and general corporate purposes.

The offering is expected to close on or about Nov. 28, 2023, and is subject to the company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Founders Metals Inc.

Founders Metals is a Canadian exploration company operating in North and South America. The company is focused on acquiring and advancing gold projects in the South American Guiana Shield. Its flagship project is the 20,000-hectare Antino gold project in Suriname. Antino is the most advanced gold exploration project in Suriname, within an area where historical surface/alluvial gold mining has produced over 500,000 gold ounces to date.

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