Freeport Announces Private Placement Upsize
Vancouver, June 17, 2024 - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE: 4XH) ("Freeport Resources" or the "Company") is pleased to announce that due to market demand it has elected to increase the size of its ongoing non-brokered private placement offering (the "Offering"). The Offering will now consist of up to 140,000,000 units (each, a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $7,000,000. Each Unit consists of one common share and one-half-of-one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire an additional common share of the Company at a price of $0.25 for a period of twenty-four months.
The Company has issued a total of 88,697,220 Units to date, in earlier tranches of the Offering, for gross proceeds of $4,434,861. Completion of a final tranche of the Offering remains subject to the approval of the TSX Venture Exchange and is expected to occur on or before June 28, 2024. All securities issued in connection with the Offering will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws.
About Freeport Resources Inc.
Freeport Resources is a Canadian mineral exploration company with a primary focus on advancing the development of the Yandera copper-gold-molybdenum project, located in Madang Province, Papua New Guinea. The Yandera project is one of the largest undeveloped copper-gold deposits in the world covering approximately 245.5 square kilometers.
Please visit www.freeportresources.com or contact the email address below for more information.
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
T. (236) 334-1660 or gord@freeportresources.com
E. gord@freeportresources.com
www.freeportresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule", "intends" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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