Freeport Raises $4 Million in Private Placement
Web: www.freeportresources.com
NEWS RELEASE August 10, 2020
Freeport Raises $4 Million in Private Placement
Vancouver, British Columbia – (August 10, 2020) – Freeport Resources Inc. (TSX-V: FRI)
(“Freeport”, or the “Company”) is pleased to announce that it has completed its offering of
13,334,997 units (each, a “Unit”) by way of a non-brokered private placement, at a price of $0.30
per Unit, for gross proceeds of $4,000,499. Each “Unit” consists 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 $0.40, until
February 10, 2022, subject to accelerated expiry in the event the closing price of the common shares
of the Company on the TSX Venture Exchange is greater than $0.80 for five consecutive trading
days.
The Company intends to allocate the proceeds of the placement to its ongoing review of potential
strategic acquisition opportunities, and for general working capital purposes. In the event the
Company elects to proceed with the previously announced acquistion of Quidum Resources Inc., a
portion of the proceeds from the placement may be utilized to satisfy the expenses associated with
the transaction.
In connection with completion of the placement, the Company paid $103,164 and issued 507,160
Units to certain arms-length brokerage firms that assisted in introducing subscribers to the Company.
All securities issued in connection with the placement are subject to a four-month-and-one-day
statutory hold period, in accordance with applicable securities laws, expiring on December 11, 2020.
About Freeport
Freeport is a Canadian junior exploration company with a diverse portfolio of properties -- the Red
Rose Mine (a past producer of tungsten-gold-copper), Spanish Mountain Gold (adjacent to a
proposed open-pit gold mine), and the Q (a large, well-known fluorspar deposit), all located in British
Columbia. The Hutton Garnet Beaches in Labrador, eastern Canada, has a positive NI 43-101
Prefeasibility (2004), and a 5000 tonne bulk sample released from environmental assessment.
Please visit www.freeportresources.com or contact us for more information.
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 VentureExchange) 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 the conduct of a private placement, 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.