Founders Metals Announces C$15 Million Bought Deal Financing & LOI with Strategic Investor

VANCOUVER, British Columbia, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Founders Metals Inc. (TSXV:FDR, OTCQX:FDMIF, FSE: 9DL0)) ("Founders" or the "Company") has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets including Paradigm Capital and Clarus Securities, under which the underwriters have agreed to buy on a bought deal basis by way of private placement, 6,250,000 common shares (the "Common Shares") of the Company, at a price of C$2.40 per Common Share for gross proceeds of approximately C$15 million (the "Offering").

In addition, Founders has agreed to terms on a non-binding letter of intent ("LOI") with a major precious metals producer for a 5% equity investment (the "Strategic Investment"). Complete details of the transaction will follow in a separate release. The Company expects the aggregate proceeds of the Bought Deal and Strategic Investment to fully fund the 2025 exploration activities.

The Offering is expected to close on or about October 24, 2024 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The Company intends to use the net proceeds of the Offering for exploration activities on the Antino Gold Project and for general corporate purposes.

The securities have not been, and will not be, ...