Freeport Resources Announces Closing of First Tranche of Private Placement and Update on Renewal of Yandera Exploration License

Core Viewpoint - Freeport Resources Inc. has successfully closed the first tranche of a non-brokered private placement, raising approximately $1.61 million, and is progressing with the renewal of its Yandera Exploration License in Papua New Guinea [1][2][6]. Group 1: Private Placement Details - The first tranche involved the issuance of 53,828,332 units at a price of $0.03 per unit, resulting in gross proceeds of approximately $1,614,850 [1]. - The overall offering aims to raise up to $3 million through the issuance of up to 100,000,000 units, with proceeds designated for the Yandera Copper Project and general working capital [2]. - Insiders subscribed for a total of 925,000 units in the first tranche, which is classified as a related party transaction [5]. Group 2: Finder's Fees and Securities Restrictions - A finder's fee of $6,000 was paid, along with the issuance of 2,106,700 non-transferrable finder warrants, each exercisable at $0.05 for 12 months [3]. - All securities issued in connection with the offering are subject to a four-month resale restriction [4]. Group 3: Yandera Exploration License Update - The Mineral Resources Authority of Papua New Guinea has confirmed receipt of the application for the renewal of Exploration License 1335, covering 245.5 square kilometers [6][8]. - A Wardens Hearing is being scheduled as part of the renewal process, with community support for the project [9]. - The Yandera Copper Project has seen approximately $200 million invested in exploration and development since 2005, with significant drilling and studies completed [10]. Group 4: Project Significance and Future Plans - The Yandera Copper Project is one of the largest undeveloped copper deposits globally, located 95 km southwest of Madang, Papua New Guinea [12]. - The project is expected to create economic benefits across five provinces, including infrastructure development and job creation [12]. - The company is committed to responsible development and advancing the project towards economic decisions and further exploration [11].