B2Gold Increases Investment in Founders Metals
February 13, 2025 4:15 PM EST | Source: Founders Metals Inc.
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) (FSE: 9DL0) ("Founders" or the "Company") announces that B2Gold Corp. ("B2Gold") has increased its investment in Founders by subscribing for an additional 484,239 common shares of the Company (the "Shares") on a private placement basis at a price of C$5.30 per Share for total gross proceeds of ~C$2.57 million (the "Investment"). Together with the ~C$30 million bought deal (the "Brokered Offering") announced on February 4, 2025, the Company will raise up to a total of ~C$37 million including the 15.0% underwriters option. Upon completion of the Investment and the Brokered Offering, B2Gold will own 5.0% of the Company's issued and outstanding common shares on a non-diluted basis.
Colin Padget, Founders' President & CEO commented, "We're pleased to have B2Gold's ongoing support; their investment in Founders is a strong endorsement of what we have accomplished to date and the Tier 1 potential of Antino."
The Shares will be subject to a four month hold period from the date of issue. Furthermore, pursuant to the Investor Rights Agreement, B2Gold is required to purchase 1,170,000 Shares in the open market during the 12-month period following their initial investment that closed on November 5, 2024.
Agentis Capital Mining Partners is acting as financial advisor to the Company in respect of the Investment. The Investment is expected to close before the end of this month and is subject to customary closing conditions, including approval of the TSX Venture Exchange.
About Founders Metals Inc.
Founders Metals is a Canadian-based exploration company focused on advancing the Antino Gold Project located in Suriname, South America, in the heart of the Guiana Shield. Antino is 20,000 hectares and has produced over 500,000 ounces of gold from surface and alluvial mining to date1. The Company is fully financed for up to 60,000 metres of drilling in 2025.
1 2022 Technical Report – Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Colin Padget"
Colin Padget
President, Chief Executive Officer, and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider 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.
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