TSX Venture Exchange: FRI Shares Issued: 14,226,232
Dec. 28, 2011
/PRNewswire/ - Freeport Resources Inc. (TSXV-FRI) is pleased to announce closing of the first tranche of a non-brokered private placement announced last month. A total of
has been received from the issuance of 105,000 flow through shares at
per share and 2,500,000 non-flow through shares at
per share. These shares are subject to a four month hold period expiring
April 24, 2012.
Finders' fees in the amount of
cash are payable in connection with the issuance of these shares. The second tranche is expected to close by
As previously announced,
intends to raise up to
from issuance of up to 5,000,000 non-flow-through and 300,000 flow-through shares, at a price of
per share. Proceeds will be used to further advance
exploration programs in
and meet ongoing working capital requirements.
Our 100% owned properties include the Hutton Garnet Beaches, a high grade heavy mineral sands project advancing to the production stage in NL, and three projects in BC: a) Spanish Mountain Gold, immediately adjacent to and on strike with an advanced stage, multi-million ounce gold project; b) The Q, a large, advanced stage fluorspar deposit with associated molybdenite, and; c) the Red Rose Mine, a past producing tungsten-gold-copper mine, of increasing interest due to strong tungsten demand and all-time highs up to
thanks our friends and shareholders for their continued support, with best wishes to all for the holiday season.
Freeport Resources, founded in 1981, is a mineral exploration company with a diversified portfolio of Canadian properties, from precious and base metals to industrial minerals. Our new Spanish Mountain presentation is at
and our Hutton presentation is at
. Please visit our website at
for further information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Freeport Resources Inc.
, MAIBC President & CEO 1-888-275-7335 (toll free) (604) 275-7335 (tel.) Email: