Vancouver, British Columbia--(Newsfile Corp. - 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.