Founders Metals Inc. (TSXV: FDR) (OTCQX: FDMIF) announced in a press release that it has entered into an agreement with B2Gold Corp. (TSX: BTO) (NYSE American: BTG) for a C$12.1 million investment for C$2.75 per common share.
Along with the previously announced bought deal private placement of C$20M, Founders will raise a total of C$32.1 million, fully funding the planned 2025 budget. Upon completion of the strategic investment and the brokered offering, B2Gold will own 5 percent of the company’s issued and outstanding common shares on a non-diluted basis.
Colin Padget, Founders’ President and CEO said, “We are very pleased with B2Gold’s investment in Founders along with the support and validation it brings to our Antino Gold Project. We look forward to drawing on B2Gold’s experience in exploring for, and developing, world-class mining assets in similar geological environments. This broader financing package leaves Founders well positioned to ramp up exploration at Antino, fully funding our planned 2025 exploration budget and the near-term addition of a fourth diamond drill.”
Shares of both Founders and B2Gold were trading higher in morning activity.
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