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Founders to Close Assignment of Antino Option on March 16, 2023 with Upsized Concurrent Financing of up to $3.2 Million
Vancouver, British Columbia--(Newsfile Corp. - March 10, 2023) - Founders Metals Inc. (TSXV:...
About this update from Founders Metals, Inc.
[{"type":"text","content":"Founders to Close Assignment of Antino Option on March 16, 2023 with Upsized Concurrent Financing of up to $3.2 MillionVancouver, British Columbia--(Newsfile Corp. - March 10, 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, and January 24, 2023, the Company is scheduled on March 16, 2023 to complete the acquisition (the \"Acquisition\") by the Company from Orea Mining Corp. (\"Orea\") of the option (the \"Option\") to acquire up to 75% of the Antino Gold Project in Suriname from Nana Resources N.V. (\"Nana\"), which has been conditionally approved by the TSX Venture Exchange (the \"Exchange\").The Company is also pleased to announce the increase of its previously announced concurrent equity private placement financing to raise gross proceeds of up to $3,200,000 (the \"Concurrent Financing\"), which will close concurrently with the Acquisition as previously described in the Company's November 10, 2022 news release. As previously announced, the Concurrent Financing will consist of units (the \"Units\") at a price of $0.20 per Unit, which may result in the issuance of up to 16,000,000 with gross proceeds of up to $3,200,000. Each Unit will be comprised of one (1) common share (a \"Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each whole Warrant will entitle the holder thereof to acquire one (1) additional common share (each a \"Warrant Share\") at a price of $0.35 per Warrant Share and will be exercisable for a period of twenty-four (24) months from the date of issuance.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 may pay a 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 up to 7% of the gross proceeds of the Concurrent Financing; and (ii) a number of common share purchase warrants (the \"Finder's Warrants\") equal to up t...