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Founders Metals Increases Previously Announced Bought Deal Financing to C$20 Million

VANCOUVER, British Columbia, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Founders Metals Inc. (TSXV:FDR, OTCQX:FDMIF, FSE: 9DL0)) ("Founders" or the "Company") is pleased to announce that due to strong demand and oversubscription, it has increased the size of the previously announced private placement of common shares to 8,340,000 common shares (the "Common Shares") at a price of C$2.40 for gross proceeds of approximately C$20 million (the "Offering"). The company previously entered into an agreement with a syndicate of underwriters led by BMO Capital Markets including Clarus Securities and Paradigm Capital.

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 ...