Founders Metals (TSXV:FDR) has recently announced its decision to exercise its option to acquire a majority stake of 51% in the Antino Gold Project situated in southeastern Suriname. This acquisition is deemed essential for the progression and de-risking of the project.
The company has commenced active drilling activities across three specific locations within the project area, namely Upper Antino, Buese, and Lower Antino. This strategic move aims to enhance project development and reduce associated risks.
Founder Metals shares have seen a slight increase of 0.42% to C$2.37 as of 9:54 am ET.
The CEO of Founders Metals, Colin Padget, emphasized the importance of this acquisition, stating that it simplifies and potentially expedites the timeline for the company’s progress. The company’s strengthened partnership with Nana Resources signifies a mutual goal to develop the Antino Gold Project into a prominent deposit.
Under the terms of the agreement, Founders Metals is obligated to make cash payments amounting to US$1.65 million over a three-year period to secure a 51% stake in the project. Moreover, the company has the option to acquire an additional 19% interest by incurring exploration expenses of $10 million and issuing 95,000 shares.
There is also a provision for Founders Metals to acquire an extra 5% interest, totaling 75% ownership in the project, within three years of completing the second option. This requires a minimum spend of $10 million in exploration expenses and the completion of a bankable feasibility study on the project.
Headquartered in Vancouver, Founders Metals is dedicated to advancing the Antino Gold Project in Suriname, South America.
Investors interested in engaging in discussions about this development can visit the Founders Metals Inc. Bullboard investor discussion forum on Stockhouse’s platform. It is crucial to note that the information presented in this article is intended for informational purposes only and should not be construed as investment advice. For a comprehensive disclaimer, please refer to the provided link.
