Freeport Resources closes second tranche raising $723,000

Freeport Resources Inc. (TSXV: FRI) announced it has closed the second tranche of a private placement, issuing 24,099,999 units at $0.03 per unit for gross proceeds of approximately $723,000.

Each unit consists of one common share and one-half share purchase warrant. Each full warrant allows the holder to purchase an additional common share at $0.06 for 12 months following issuance.

The second tranche forms part of a larger offering of up to 116,666,666 units at $0.03 per unit for maximum gross proceeds of $3.5 million. Following this closing, the company has raised $2,337,850 through the issuance of 77,928,331 units.

The company plans to use proceeds for continued development of the Yandera Copper Project and general working capital. Freeport Resources anticipates closing a third and final tranche on or about December 19, 2025.

All securities issued are subject to a four-month-and-one-day resale restriction under applicable securities laws. Completion of additional tranches requires TSX Venture Exchange approval.

Freeport Resources is a Canadian mineral exploration company focused on the Yandera copper-gold-molybdenum project in Papua New Guinea's Madang Province. The project covers approximately 245.5 square kilometers.

You May Also Be Interested In

• Discovery Energy Metals plans private placement of up to $1.25M
• Smith Micro files two SEC registration statements for existing securities
• Linear Minerals to consolidate shares at 6.5-to-1 ratio