Freeport Resources announces $3 million private placement offering

Freeport Resources Inc. (TSXV: FRI) announced a non-brokered private placement offering of up to 100 million units at $0.03 per unit for gross proceeds of up to $3 million.

Each unit consists of one common share and one-half of a share purchase warrant. Each whole warrant allows the holder to acquire an additional common share at $0.06 for twelve months following issuance.

The Vancouver-based mineral exploration company plans to use proceeds for continued development of the Yandera Copper Project and general working capital purposes. The company stated it does not anticipate using proceeds for investor relations activities or payments to non-arms' length parties outside ordinary compensation.

Freeport Resources may pay finders' fees to eligible third parties who assist in introducing subscribers to the offering. Securities issued will be subject to a four-month-and-one-day resale restriction under applicable securities laws.

The offering requires approval from the TSX Venture Exchange to complete.

Freeport Resources focuses on advancing the Yandera copper-gold-molybdenum project in Madang Province, Papua New Guinea. The project covers approximately 245.5 square kilometers.

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