Founders Metals unveils $30 million bought deal financing
Founders Metals Inc. [FDR-TSXV] has announced details of a $30 million bought deal financing and said proceeds will be used to fund exploration activities at its Antino Gold Project in Suriname, South America.
The company recently said it is fully financed for up to 60,000 metres of drilling in 2025. “Our focus this year is on making new discoveries and continuing to grow what we know at Antonio,’’ said Founders President and CEO Colin Padget.
The company said an underwriting syndicate has agreed to purchase, on a bought deal basis by way of private placement, 5.7 million common shares priced at $5.30 per share. In addition, the company has granted the underwriters an option to purchase up to an additional 15% of the number of shares purchased via the offering to cover overallotments, if any. The green shoe option is exercisable for up to 48 hours prior to closing, which is expected to occur on February 20, 2025.
Founders shares eased 3.6% or 21 cents to $5.55. The shares trade in a 52-week range of $5.95 and $1.10.
Founders Metals is focused on acquiring and advancing gold projects in the South American Guiana Shield. Its flagship property is the 20,000-hectare Antino project, where previous work has included over 30,000 metres of historical drilling, 35,000 gold-in-soil auger samples, and property wide aeromagnetic survey data, plus a 2022 LiDar survey.
Antino is the most advanced exploration project in Suriname. It is located in an area where historical surface/alluvial gold mining has produced over 500,000 ounces of gold.
“With ongoing expansion drilling in several areas and our plan to test new targets, we will continue our track record of regularly releasing news throughout 2025,’’ Padget said.
The company previously said drilling has continued to deliver high-grade gold intercepts as it broadens and extends gold mineralization in the project’s Upper Antino area. Drilling highlights include hole 23FRO14, which returned 15.50 metres of 30.72 g/t gold, including 5.80 metres of 54.61 g/t. In a press release on January 21, 2025, the company announced a new high grade discovery 1.8 kilometres west of the Lawa Prospect at Antonio. The company highlighted grab sample results with assays ranging from 1.5 to 66.7 g/t gold and 17.8 metres of 5.68 g/t gold in the first channel sample over the newly identified high-grade structure.
Gold mineralization at upper Antonio occurs in multiple sub-vertical structures within a larger northwest trending shear zone that transects much of the Antonio property. Mineralized zones commonly consist of pyrrhotite/pyrite-bearing quartz or quartz carbonate veining surrounded by a strongly foli ated, gold-bearing mix of host rock, quartz and up to 35% sulphides.
Founders recently named Chris Taylor as a new independent director to the company’s board of directors. As founder, President and CEO of Great Bear Resources, he led the company to a major district-scale gold discovery in Canada, culminating in its acquisition by Kinross Gold Corp. (K-TSX, KGC-NYSE) for $1.8 billion.