Freeport Announces Private Placement
Web: www.freeportresources.com
NEWS RELEASE January 9, 2023
Freeport Announces Private Placement
Vancouver, British Columbia – (January 9, 2023) – Freeport Resources Inc. (the
“Company”) announces that it will offer up to 60,000,000 units (each, a “Unit”) by way of a
non-brokered private placement, at a price of $0.05 per Unit, for gross proceeds of up to
$3,000,000. Each “Unit” will consist of one common share, and one-half-of-one common share
purchase warrant (each whole warrant, a “Warrant”). Each “Warrant” is exercisable to acquire
an additional common share of the Company, at a price of $0.10, for a period of eighteen
months.
The proceeds of the placement will be used for general working capital purposes. In connection
with completion of the placement, the Company may pay finders’ fees to eligible parties that
assisted in introducing subscribers to the Company. All securities to be issued in connection
with the placement will be subject to a four-month-and-one-day statutory hold period in
accordance with applicable securities laws. Completion of the placement remains subject to
approval of the TSX Venture Exchange.
About Freeport Resources Inc.
Freeport Resources Inc. is a copper-centric resource company based in Vancouver, BC. It is
focused on the development of its Yandera copper project located in Papua New Guinea.
About Yandera
Freeport’s principal asset is its 100% owned, Yandera copper project located in PNG. The
Project was previously held by the Sentient Private Equity Fund, a US$2.7 billion specialist
mining PE fund. Sentient spent approximately USD $200+ million in engineering and feasibility
studies but was forced to sell when the portfolio had to be liquidated. The project is held under
a 2-year renewable exploration license which has expired but was renewed eight consecutive
times previously. The elections in Papua New Guinea in the summer of 2022 resulted in several
new appointments in the Mining Ministry. The bottlenecks that have existed for the past two
years, primarily as a result of the pandemic and other political concerns are opening up and,
as per recent discussions with the Government, the Company is hopeful that the license will
be renewed in the first half of 2023.
Recent advances in new copper catalyst technologies have opened an entirely new, low-cost
processing route which could potentially be applied to Yandera and other large yet lower grade
sulphide copper deposits. These technologies, which allow for the treatment of lower grade
sulphide ores as oxides via a standard SX/EW circuit, are currently employed and being tested
at various copper projects in both North and South America by Jetti Resources and Rio Tinto’s
Nuton Venture. The technology is a potential game-changer for lower-grade copper sulphide
deposits. The Company is currently evaluating these technologies to determine if they are
Web: www.freeportresources.com
applicable to the Yandera project. If they prove to be viable, this could greatly enhance the
feasibility of Yandera by significantly reducing the CAPEX and OPEX required to transition the
project to production.
Please refer to the links below:
Jetti Resources
www.jettiresources.com
Rio Tinto’s Nuton Venture
https://im-mining.com/2022/10/14/rio-tintos-nuton-ready-to-leverage-its-leaching-rd-legacy
Please visit www.freeportresources.com or contact the email address below for more
information.
Dr. Nathan Chutas, Ph.D., CPG, Senior Vice-President of Operations for the Company, is a
qualified person for the purposes of National Instrument 43-101. Dr. Chutas has reviewed and
approved the technical content in this news release.
On behalf of the Board,
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
(236) 334-1660 or [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this
news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”
and similar words or expressions identify forward-looking statements or information. These forward-looking
statements or information may relate to completion of the Consolidation, and other factors or information. Such
statements represent the Company’s current views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject
to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many
factors, both known and unknown, could cause results, performance or achievements to be materially different
from the results, performance or achievements that are or may be expressed or implied by such forward-looking
statements. The Company does not intend, and does not assume any obligation, to update these forward-looking
statements or information to reflect changes in assumptions or changes in circumstances or any other events
affecting such statements and information other than as required by applicable laws, rules and regulations.