Founders Metals Closes $10 Million Private Placement
Founders Metals Closes $10 Million Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - May 24, 2024) - Founders Metals Inc. (TSXV: FDR)
("Founders" or the "Company") is pleased to announce that the Company has closed its fully-subscribed
non-brokered private placement financing (the "Offering") pursuant to the Listed Issuer Financing
Exemption (the "LIFE") of National Instrument 45-106 -
Prospectus Exemptions
("NI 45-106") raising
gross proceeds of C$10,000,000 from the sale of up to 6,250,000 common shares of the Company (the
"Shares") to a single UK institution at a price of C$1.60 per Share.
The Company intends to use the net proceeds of the Offering for ongoing exploration activities on the
Antino Gold Project ("Antino" or the "Project"), for working capital, and general corporate expenses.
"With the successful close of this financing, we welcome a new major shareholder that sees and
understands the large-scale potential that Antino represents. The funds will allow us to expand our 2024
drill program and support a more robust property-scale exploration plan, solidifying our exploration
roadmap through 2024," commented Colin Padget, President, CEO & Director of Founders. "We plan to
release a detailed exploration plan in the coming weeks, along with additional drill results."
The Offering was made to purchasers resident in Canada, except Quebec, and certain jurisdictions
outside of Canada in accordance with applicable securities laws and pursuant to the LIFE provisions
under Part 5A of NI 45-106. The Shares issued under the Offering are not subject to a hold period or
resale restrictions pursuant to applicable Canadian securities laws and the policies of the TSX Venture
Exchange (the "TSXV"). A copy of the offering document under the Offering dated May 17, 2024 is
available under the Company's profile at
www.sedarplus.ca
and on the Company's website at
www.fdrmetals.com
.
In connection with the Offering, the Company paid a cash finder's fee in the aggregate amount of
C$600,000 to certain finders. The Offering remains subject to final acceptance of the TSXV.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the
United States, nor shall there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities being offered have not been, nor will they be,
registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in
the United States absent registration or an applicable exemption from the registration requirements of
the 1933 Act, as amended, and applicable state securities laws.
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-ha 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
1
.
1
2022 Technical Report entitled, "Technical Report, Antino Project, Suriname, South America," dated effective December 23, 2022, by K. Raffle, BSc,
P. Geo & Rock Lefrançois, BSc, P.Geo. which is publicly available under the Company's profile on SEDAR+ at
www.sedarplus.ca
.
ON BEHALF OF THE BOARD OF DIRECTORS
Per:
"Colin Padget"
Colin Padget
President, Chief Executive Officer, and Director
Founders Metals Contact Information
Katie MacKenzie, Vice President, Corporate Development
Tel:
306 537 8903 |
Nick Stajduhar, Director
Tel:
647 225 0046 |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, without limitation, statements regarding the
use of proceeds from the Company's recently completed financings and the future or prospects of the
Company. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of
such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a
number of assumptions that, while considered reasonable by management, are inherently subject to
business, market, and economic risks, uncertainties, and contingencies that may cause actual results,
performance, or achievements to be materially different from those expressed or implied by forward-
looking statements. Although the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking information, other factors may
cause results not to be as anticipated, estimated, or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking
information. Other factors which could materially affect such forward-looking information are described in
the risk factors in the Company's most recent annual management discussion and analysis. The
Company does not undertake to update any forward-looking information, except in accordance with
applicable securities laws.
Not for distribution to U.S. news wire services or dissemination in the United States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/210408