Freeport Closes First Tranche of Financing
TSX Venture Exchange: FRI
Shares Issued: 14,226,232
VANCOUVER, 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 $521,000 has been
received from the issuance of 105,000 flow through shares at $0.20 per
share and 2,500,000 non-flow through shares at $0.20 per share. These
shares are subject to a four month hold period expiring April 24,
2012. Finders’ fees in the amount of $25,000 cash are payable in
connection with the issuance of these shares. The second tranche is
expected to close by mid-January 2012. As previously announced,
Freeport intends to raise up to $1,060,000 from issuance of up to
5,000,000 non-flow-through and 300,000 flow-through shares, at a price
of $0.20 per share. Proceeds will be used to further advance
Freeport’s exploration programs in Canada and meet ongoing working
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 $470/MTU (approx.
Freeport 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 http://www.freeportresources.com/i/pdf/spanishmt2011.pdf and our Hutton presentation is at http://www.freeportresources.com/i/pdf/Hutton2011.pdf. Please visit our website at www.freeportresources.com or email email@example.com 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.
SOURCE Freeport Resources Inc.