Vancouver, British Columbia–June 3, 2024 – Freeport Resources Inc. (TSXV:FRI) (OTCQB:FEERF) (FSE:4XH) (“Freeport Resources” or the “Company“) is pleased to announce that it has closed a fourth tranche of its non-brokered private placement offering (the “Offering“) for gross proceeds of $1,508,850. In connection with completion of the fourth tranche of the Offering, the Company has issued 30,177,000 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 May 31, 2026.
In connection with completion of fourth tranche of the Offering, the Company paid finders’ fees of $600 and issued 12,000 share purchase warrants to certain arms-length parties who assisted in introducing subscribers to the Offering.
All securities issued under the fourth tranche of the Offering are subject to restrictions on resale until October 1, 2024 in accordance with applicable securities laws.
The Company has received a further extension of the deadline for completion of the Offering from the TSX Venture Exchange, and anticipates completing a final tranche of the Offering before June 14, 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 [email protected]
E. [email protected]
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.
Featured Image: Freepik
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding FreePort Resources Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to FreePort Resources Inc.’s industry; (b) market opportunity; (c) FreePort Resources Inc.’s business plans and strategies; (d) services that FreePort Resources Inc. intends to offer; (e) FreePort Resources Inc.’s milestone projections and targets; (f) FreePort Resources Inc.’s expectations regarding receipt of approval for regulatory applications; (g) FreePort Resources Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) FreePort Resources Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute FreePort Resources Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) FreePort Resources Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) FreePort Resources Inc.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of FreePort Resources Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) FreePort Resources Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact FreePort Resources Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing FreePort Resources Inc.’s business operations (e) FreePort Resources Inc. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, FreePort Resources Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does FreePort Resources Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither FreePort Resources Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of FreePort Resources Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of FreePort Resources Inc. or such entities and are not necessarily indicative of future performance of FreePort Resources Inc. or such entities.
8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Dr. Nathan Chutas, PhD, CPG, Senior Vice-President of Operations at Freeport Resources Inc. as the Qualified Person for the Company as defined in National Instrument 43-101.
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