Freeport Closes $633,000 Second Tranche of Financing

2023-02-28 20:16 ET - News Release

Mr. Gord Friesen reports

FREEPORT ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT

Freeport Resources Inc. has closed a second tranche of its non-brokered private placement offering for gross proceeds of $633,000. In connection with completion of the second tranche of the offering, the company has issued 12.66 million units at a price of five cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share of the company at a price of 10 cents until Aug. 28, 2024.

In connection with completion of second tranche of the offering, the company paid finders' fees of $43,840 and issued 384,000 units to certain arm's-length parties that assisted in introducing subscribers to the offering.

All securities issued under the offering are subject to restrictions on resale until July 1, 2023, in accordance with applicable securities laws.

The company intends to close a third and final tranche of the offering for gross proceeds of up to $949,183 by mid-March.

About Freeport Resources Inc.

Freeport Resources is a copper-centric resource company based in Vancouver, B.C. It is focused on the development of its Yandera copper project located in Papua New Guinea.