Explorer Founders upsizes bought-deal financing
Canada-based exploration company Founders Metals has upsized its previously announced bought-deal financing to C$20-million, citing strong demand and oversubscription.
The company previously entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets, for C$15-million. It has now increased the placement to 8.34-million shares at C$2.40 each.
In addition, Founders has agreed to terms on a nonbinding letter of intent with a major precious metals producer for a 5% equity investment.
The proceeds of the bought deal and strategic investment should fully fund next year’s exploration activities at its Antino project, in Suriname.
Antino is 20 000 ha and has produced more than 500 000 oz of gold from surface and alluvial mining to date.
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