Founders Metals Inc. (TSX-V:FDR) is pleased to announce the closing of its previously-announced bought deal private placement offering of 8,340,000 common shares of the Company  at a price of C$2.40 per Offered Share for aggregate gross proceeds of C$20,016,000. The Offering was led by BMO Capital Markets, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including Clarus Securities Inc., Paradigm Capital Inc. and H&P Advisory Limited.

The Company intends to use the net proceeds of the Offering for ongoing exploration activities on the Antino Gold Project and general corporate purposes.

In consideration for the services provided to Founders by the Underwriters in connection with the Offering, the Company paid to the Underwriters a cash fee equal to 6% of the aggregate gross proceeds of the Offered Shares sold under the Offering.

The securities issued under the Offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day after the closing of the Offering. The Offering is subject to final acceptance of the TSX Venture Exchange. None of the Offered Shares have been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 will complete 45,000 metres of drilling in 2024 and is fully funded for 60,000 metres in 2025.

¹2022 Technical Report – Antino Project; Suriname, South America. K. Raffle, BSc, P. Geo & Rock Lefrançois, BSc, P.Geo.