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 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 $470/MTU (approx. $21.50/pound).
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
info@freeportresources.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.
Freeport Resources Inc.
Brenda Clark, MAIBC President &
CEO
1-888-275-7335 (toll free)
(604) 275-7335 (tel.)
Email: freeportresources@shaw.ca
Web: www.freeportresources.com
SOURCE Freeport Resources Inc.
