Business
Founders Metals Closes $1.7 Million Private Placement with Strategic Investor
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Founders Metals Inc. (TSXV: F...
About this update from Founders Metals, Inc.
[{"type":"text","content":"Founders Metals Closes $1.7 Million Private Placement with Strategic InvestorVancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Founders Metals Inc. (TSXV: FDR) (\"Founders\" or the \"Company\") announces it has completed a non-brokered private placement (the \"Private Placement\") raising gross proceeds of $1,700,000 for 4,250,000 common shares (the \"Shares\") of the Company at a price of $0.40 per Share. The Company paid no commission or fees on the investment and all the securities issued in connection with the Private Placement are subject to a hold period expiring four months and a day from the date of issuance.Founders' CEO, Colin Padget, commented, \"Closing this equity-only financing adds a new long-term strategic investor that shares our views on the Antino Gold Project's potential to grow into a large-scale gold asset in the Guiana Shield. This investment was unsolicited, and at the time the financing terms were negotiated, the price was set at a premium to the market price, with no offered warrants.\"The Company intends to use the net proceeds of the Private Placement 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. 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. Exploration work on the project includes, over 30,000 m of historical drilling, 35,000 gold-in-soil auger samples, property-wide aeromagnetic survey data, and a 2022 LiDAR survey. 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 date1.1. 2022 – Antino Project Technical Report entitled, \"Technical Report, Antino Project, Suriname, South America\" with an effective date of December 23, 2022 by qualified persons, K. Raffle, BSc, P. Geo and Rock Lefrançois, BSc, P.Geo.ON BEHALF OF THE BOARD OF DIRECTORS, Per: \"Colin Padget\"Colin PadgetPresident, Chief Executive Officer, and DirectorFounders Metals Contact...