Business
Founders Closes Assignment of Antino Option and Upsized Concurrent Financing of $3,083,000
Vancouver, British Columbia--(Newsfile Corp. - March 21, 2023) - Founders Metals Inc. (TSXV: FDR)...
About this update from Founders Metals, Inc.
[{"type":"text","content":"Founders Closes Assignment of Antino Option and Upsized Concurrent Financing of $3,083,000Vancouver, British Columbia--(Newsfile Corp. - March 21, 2023) - Founders Metals Inc. (TSXV: FDR) (the \"Company\") The Company is pleased to announce that further to its news releases dated October 24, 2022, November 10, 2022, January 24, 2023, March 10, 2023, and March 16, 2023, the Company has completed the acquisition (the \"Acquisition\") from Orea Mining Corp. of the option (the \"Option\") to acquire up to 75% of the Antino Gold Project (the \"Property\") in Suriname from Nana Resources N.V., which received approval from the TSX Venture Exchange (the \"Exchange\").The Company is also pleased to announce the closing of its previously announced increased concurrent equity private placement financing, raising gross proceeds of $3,083,000 (the \"Concurrent Financing\"). The Concurrent Financing consisted of units (the \"Units\") at a price of $0.20 per Unit resulting in the issuance of 15,415,000 Units consisting of 15,415,000 Shares and 7,707,500 Warrants. Each Warrant entitles the holder thereof to acquire one (1) additional Share (each a \"Warrant Share\") at a price of $0.35 per Warrant Share and will be exercisable until March 21, 2025.The Company intends to use the net proceeds of the Concurrent Financing for exploration and development of the Company's Antino Gold Project in southeast Suriname, including technical studies, geophysical surveys, sampling, drilling, and assays, and for working capital and general corporate purposes. The Company paid finder's fee in connection with the Concurrent Financing to eligible finders in accordance with the policies of the Exchange and applicable securities laws consisting of: (i) a cash commission of $38,675 being 7% of the gross proceeds of the Concurrent Financing invested by subscribers introduced by the respective eligible finder, and (ii) 193,375 common share purchase warrants (the \"Finder's Warrants\") equal to 7% of the number of Units sold by the respective eligible finder pursuant to the Concurrent Financing. Each Finder's Warrant will entitle the holder thereof to acquire one Share at a price of $0.20 per Share until March 21, 2025.All Units and securities of the Company issued pursuant to the Concurrent Financing will be subject to a four-month hold period from the date of issuanc...