Freeport arranges $3-million private placement

Executive Summary

• Freeport Resources Inc. announced a non‑brokered private placement of up to 100 million units at $0.03 per unit, targeting gross proceeds of up to $3 million.
• Each unit consists of one common share and half of a share purchase warrant; warrants allow acquisition of an additional share at $0.06 for 12 months after issuance.
• Proceeds are earmarked for continued development of the Yandera copper‑gold‑molybdenum project in Papua New Guinea and general working capital.

Key Details

• Units offered: Up to 100 million units (each = 1 common share + 0.5 warrant).
• Price per unit: $0.03, yielding potential gross proceeds of $3 million.
• Warrant terms: Each warrant permits purchase of one additional common share at $0.06, exercisable for a period of 12 months from issuance.
• Use of proceeds: Primarily to fund further development of the Yandera project and for general working‑capital needs; no funds allocated to investor‑relations activities or non‑arms‑length payments beyond normal compensation.
• Finder’s fees: Company may pay eligible third parties who introduced subscribers, subject to customary arrangements.
• Resale restrictions: All securities issued are restricted from resale for four months and one day in accordance with applicable securities laws.
• Closing conditions: Completion of the offering is contingent upon approval by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)