Vancouver, British Columbia – (April 27, 2023) – Freeport Resources Inc. (the “Company”) is pleased to announce that it has closed a fourth and final tranche of its non-brokered private placement offering (the “Offering”) for gross proceeds of $633,455.70. In connection with completion of the final tranche of the Offering, the Company has issued 12,669,114 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 $0.10 until October 26, 2023.
In connection with completion of the final tranche of the Offering, the Company paid finders’ fees of $400.00 and issued 4,000 Units to an arms-length party who assisted in introducing subscribers to the Offering.
All securities issued under the Offering are subject to restrictions on resale until August 27, 2023 in accordance with applicable securities laws.
In aggregate, the Company has completed four tranches of the Offering through the issuance of 59,285,447 Units for total gross proceeds of $2,964,272.35.
The Company plans to use the proceeds of this financing to continue to advance its Yandera Copper Project in Papua New Guinea, as well as for general working capital purposes. Recent advances in new copper catalyst technologies have opened an entirely new, low-cost processing route for Yandera and other large yet lower grade sulphide copper deposits. These technologies are potentially ‘’game-changing’’ and the Company will continue to evaluate these technologies to determine if they are applicable to the Yandera project.
In addition, the Company will continue to seek out, identify and acquire large undervalued copper projects globally.
About the Yandera Copper Project
The Yandera Project is one of the largest, undervalued and undeveloped copper deposits in the world. A pre-feasibility study completed by Worley Parsons in 2017 shows a total historical resource of 959 million tonnes of copper equivalent grading 0.37%, including measured and indicated historical resources of 728 million tonnes, grading 0.39% equivalent.*
*Independent Technical Report on the Yandera Project – Pre-Feasibility Study, prepared for Era Resources Inc. and dated effective November 27, 2017. The study was prepared prior to the Company acquiring an interest in the Yandera Project, and is derived from historical estimates which the Company is not treating as current. This information is intended to provide readers with context on historical analysis conducted on the Yandera Project, however the Company cautions that a qualified person has not done sufficient work to classify any historical estimates in respect of the Yandera Project as current and any analysis conducted by previous owners of the Project may rely upon assumptions which are no longer reasonable or accurate in the context of the current market.
The technical information contained on this website has been reviewed and approved by Nathan Chutas, a qualified person for the purposes of National Instrument 43-101.
About Freeport Resources Inc.
Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC. It is focused on the development of its Yandera copper project located in Papua New Guinea.
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
(236) 334-1660 or gord@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
