Freeport Resources increases financing to $3.5-million

Executive Summary

• Freeport Resources Inc. has increased the size of its previously announced non-brokered private placement to 116,666,666 units, raising gross proceeds of up to $3.5 million.
• The company has already completed the first tranche, issuing 53,828,332 units for $1,614,850.
• Proceeds will be used for the development of the Yandera copper project and general working capital.

Key Details

• Offering Size: Increased to up to 116,666,666 units.
• Gross Proceeds: Up to $3.5 million.
• Unit Structure: Each unit consists of one common share and one-half of one common share purchase warrant.
• Warrant Terms: Each whole 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.
• First Tranche Completed: 53,828,332 units issued for gross proceeds of $1,614,850.
• Use of Proceeds: Continued development of the Yandera copper project and general working capital purposes.
• Restrictions: All securities are subject to a four-month-and-one-day hold period (resale restrictions) under applicable securities laws.
• Regulatory Approval: Completion remains subject to approval by the TSX Venture Exchange.
• Finder's Fees: The company may pay finders' fees to eligible third parties assisting in introducing subscribers.
• Related Party Transactions: No proceeds expected to be paid to non-arm's-length parties, except for ordinary course compensation for services.

Notable Quotes

• None provided in the text.