21m) bought deal financing by a group of underwriters led by BMO Capital Markets for 5.7 million common shares. The proceeds are to be spent on advancing exploration at Antino, Founders said.
Founders shares doubled from mid-August to near press time at C$5.25 apiece in Toronto, for a market capitalization of C$465 million.
Located 275 km south of the capital, Paramaribo, Antino is just across the Lawa River from French Guiana. The property has produced 500,000 oz. of artisanal gold historically, Founders says.
The project also sits on the Guiana Shield which spreads under neighbouring countries in South America and hosts Newmont’s (TSX: NGT) Merian and Zijin Mining’s Rosebel gold mines.
BMO starts coverage
Just before the financing news, in late January BMO announced it was initiating coverage of Founders, giving it a C$7.50 target price at an outperform rating based on a conservative valuation for an…
