Freeport Resources Announces Increase in Private Placement

Core Viewpoint - Freeport Resources Inc. has decided to increase the size of its non-brokered private placement due to heightened market interest, aiming to raise up to $3,500,000 through the offering of up to 116,666,666 units [1][2]. Group 1: Offering Details - The offering will consist of units, each comprising one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional common share at a price of $0.06 for twelve months [2]. - The first tranche of the offering has been completed, issuing 53,828,332 units for gross proceeds of $1,614,850 [2]. Group 2: Use of Proceeds - Proceeds from the offering are intended for the continued development of the Yandera Copper Project and general working capital, with no plans to use the funds for investor relations activities or payments to non-arms' length parties outside of normal compensation [3]. Group 3: Regulatory and Compliance Information - The company may pay finders' fees to eligible third parties who assist in introducing subscribers to the offering, and all securities issued will be subject to a four-month-and-one-day resale restriction in accordance with applicable securities laws [4]. - Completion of the offering is subject to approval from the TSX Venture Exchange [4]. Group 4: Company Overview - Freeport Resources is a Canadian mineral exploration company focused on advancing the Yandera copper-gold-molybdenum project, one of the largest undeveloped copper-gold deposits globally, covering approximately 245.5 square kilometers in Papua New Guinea [5].