Freeport Resources increases private placement to $3.5 million

Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE: 4XH) announced it has increased the size of its non-brokered private placement to up to 116,666,666 units for gross proceeds of up to $3.5 million, according to a company statement.

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

The company completed the first tranche through issuing 53,828,332 units for gross proceeds of $1,614,850. The Vancouver-based mineral exploration company plans to use proceeds for continued development of the Yandera Copper Project and general working capital purposes.

Freeport Resources stated it does not anticipate using proceeds for investor relations activities or payments to non-arms' length parties, except for ordinary course compensation for services.

The company may pay finders' fees to eligible third parties who assisted in introducing subscribers. All securities from the offering will have resale restrictions for four months and one day under applicable securities laws.

Completion of the offering requires approval from the TSX Venture Exchange. The Yandera project is located in Madang Province, Papua New Guinea, and covers approximately 245.5 square kilometers.

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