Freeport closes $723,000 second tranche of placement

Executive Summary

• Freeport Resources Inc. has closed the second tranche of its non-brokered private placement, raising approximately $723,000.
• The company has now raised a total of $2,337,850 through the issuance of 77,928,331 units across the offering.
• The company anticipates closing the third and final tranche on or about December 19, 2025, with total gross proceeds for the full offering capped at $3.5 million.

Key Details

• Second Tranche Details:
  • Issued 24,099,999 units.
  • Price: $0.03 per unit.
  • Aggregate gross proceeds: Approximately $723,000.
  • Structure: Each unit consists of one common share and one-half of one share purchase warrant.
  • Warrant Terms: Each warrant entitles the holder to acquire one additional common share at an exercise price of $0.06 per share for a period of 12 months following issuance.
• Total Offering Status:
  • Total units issued to date: 77,928,331 units.
  • Total gross proceeds raised to date: $2,337,850.
  • Total offering size: Up to 116,666,666 units at $0.03 per unit.
  • Maximum gross proceeds: Up to $3.5 million.
• Use of Proceeds:
  • Continued development of the Yandera copper project.
  • General working capital purposes.
  • Explicitly stated that proceeds will not be used for investor relations activities.
  • Proceeds will not be used for payments to non-arm's-length parties, except for ordinary course compensation for services.
• Regulatory and Legal Terms:
  • Resale restrictions: All securities are subject to a hold period of four months and one day.
  • Regulatory approval: Completion of any additional tranche remains subject to approval of the TSX Venture Exchange.
• Timeline:
  • Third and final tranche expected to close on or about December 19, 2025.

Notable Quotes

• None provided in the text.