Freeport Resources closes first tranche for $1.41M

Mr. Gord Friesen reports

FREEPORT RAISES $1.4 MILLION IN FIRST TRANCHE OF PRIVATE PLACEMENT

Freeport Resources Inc. has closed the first tranche of its non-brokered private placement offering for gross proceeds of $1,417,816.65. In connection with completion of the first tranche of the offering, the company has issued 28,356,333 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. 3, 2024.

In connection with completion of first tranche of the offering, the company paid finders' fees of $12,892 and issued 416,000 units to certain arm's-length parties who assisted in introducing subscribers to the offering. All securities issued under the offering are subject to restrictions on resale until June 4, 2023, in accordance with applicable securities laws.

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.

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