Freeport Closes Second Tranche of Private Placement

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Freeport Resources Inc. announced the closure of the second tranche of its non-brokered private placement offering, generating $787,761 in gross proceeds. The Company issued 15,755,217 units at $0.05 per unit, each comprising a common share and a half common share purchase warrant. The completion of the first tranche involved paying finders' fees of $14,000 and issuing 280,000 share purchase warrants to introducing parties. All securities are subject to resale restrictions until August 30, 2024. The TSX Venture Exchange granted an extension for completion of the Offering, with the final tranche expected to be finalized by May 15, 2024.

Vancouver, British Columbia--(Newsfile Corp. - April 30, 2024) - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE: 4XH) ("Freeport Resources" or the "Company") is pleased to announce that it has closed the second tranche of its non-brokered private placement offering (the "Offering") for gross proceeds of $787,761. In connection with completion of the second tranche of the Offering, the Company has issued 15,755,217 units (each, a "Unit") at a price of $0.05 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 $0.25 until April 29, 2026.

In connection with completion of first tranche of the Offering, the Company paid finders' fees of $14,000 and issued 280,000 share purchase warrants to certain arms-length parties who assisted in introducing subscribers to the Offering.

All securities issued under the Offering are subject to restrictions on resale until August 30, 2024 in accordance with applicable securities laws.

The Company has received an extension of the deadline for completion of the Offering from the TSX Venture Exchange, and anticipates completing a final tranche of the Offering before May 15, 2024.

About Freeport Resources Inc.
Freeport Resources is a Canadian mineral exploration company with a primary focus on advancing the development of the Yandera copper-gold-molybdenum project, located in Madang Province, Papua New Guinea. The Yandera project is one of the largest undeveloped copper-gold deposits in the world covering approximately 245.5 square kilometers.

Please visit www.freeportresources.com or contact the email address below for more information.

On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
T. (236) 334-1660 or gord@freeportresources.com
E. gord@freeportresources.com
www.freeportresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule", "intends" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207295

FAQ

How much did Freeport Resources Inc. generate from the second tranche of the private placement offering?

Freeport Resources Inc. generated $787,761 from the second tranche of the private placement offering.

What is the price of each unit in the private placement offering?

Each unit in the private placement offering is priced at $0.05.

What do the units in the private placement offering consist of?

Each unit consists of one common share and one-half-of-one common share purchase warrant.

When can holders of the warrants acquire an additional common share of the Company?

Holders of the warrants can acquire an additional common share of the Company at a price of $0.25 until April 29, 2026.

What were the finders' fees paid by Freeport Resources Inc. for the completion of the first tranche of the private placement offering?

Freeport Resources Inc. paid finders' fees of $14,000 for the completion of the first tranche of the private placement offering.

What are the resale restrictions on the securities issued under the Offering?

All securities issued under the Offering are subject to restrictions on resale until August 30, 2024.

What extension did the TSX Venture Exchange grant to Freeport Resources Inc. in relation to the Offering?

The TSX Venture Exchange granted an extension for completion of the Offering.

When is the final tranche of the Offering expected to be completed?

The final tranche of the Offering is anticipated to be finalized before May 15, 2024.