Vancouver B.C., November 1, 2011: Foundation Resources Inc. (FDN: TSX-V) (the "Company") is pleased to announce the close on October 31, 2011 of its non-brokered private placement previously announced on October 7, 2011 and amended on October 19, 2011, which has resulted in gross proceeds of the Company of $1,027,250 (the "Offering").
The Offering consisted of 10,272,500 units (the "Units") at a price of $0.10 per Unit. As previously disclosed, each Unit consisted of one common share and one half of one share purchase warrant. Each whole share purchase warrant (a "Warrant") is exercisable for one common shares of the Company at a price of $0.15 per share until October 31, 2012.
Finder's fees of $102,725 in cash and 600,000 finder's warrants (on the same terms as issued to subscribers of the Offering) were also payable in respect of the Offering.
All securities issued pursuant to the Offering are subject to a four-month hold period expiring on March 1, 2012.
The funds raised will be utilized for general working capital purposes.
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on exploration and development of gold and base metal properties in Canada and Mexico. Its flagship Coldstream gold project in the Shebandowan greenstone belt and Mitchell base metal property in the Birch-Uchi greenstone belt east of Red Lake occur within the Western Superior geological province of the Canadian Shield, noted for hosting prolific gold and base metal deposits in Ontario, Canada. The San Rafael gold-silver property is located approximately 150 km northwest of Durango in the Durango State, Mexico.
On behalf of the board,
Ike Osmani
President & Director
