02/28/2013 [ACCESSWIRE]
Vancouver, B.C. February, 28, 2013; Foundation Resources Inc. (TSX.V: FDN: "Foundation" or "the Company") announces that it has closed the second and final tranche of its $0.06 private placement announced in December 17, 2012.
The second tranche consisted of 1,247,500 units (the "Units") at a price of $0.06 per Unit. As previously disclosed, each Unit consisted of one common share and one share purchase warrant. Each whole share purchase warrant (a "Warrant") is exercisable for one common shares of the Company at a price of $0.10 per share.
The final tranche consisted of four insiders of the Company and no finder's fee was paid in accordance with this final tranche closing.
All securities issued pursuant to the Offering are subject to a four-month hold period expiring on July 28, 2013.
About Foundation Resources Inc.
Foundation Resources is a mineral exploration company focused on the exploration and development of its flagship Coldstream Gold Project located in the Shebandowan Greenstone Belt, 115 Km North West of Thunder Bay, Ontario. The Company's NI 43-101 resource estimate reported December 16, 2011 by Wardrop delineated a total inferred mineral resource of 763,276 ounces gold and an indicated resource of 96,400 ounces gold on the Osmani deposit, which is one of five highly prospective gold targets that Foundation has within this 16 km long Coldstream Gold Trend.
On behalf of the Board of Directors
Barry Girling
Interim CEO & Director
Additional information is available on the Company's website at: fdnresources.com
For further information, please contact:
Fern Turner Barry Girling
Foundation Resources Inc. Foundation Resources Inc.
VP Business Development Interim CEO & Director
(604) 681-0405 - ext. 122 (604) 639-4528
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.)