/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION
TO U.S. NEWSWIRES/
TSX Venture Exchange: FRI
Shares Issued: 16,831,232
VANCOUVER, Aug. 8, 2016 /CNW/ - Freeport Resources Inc.
(TSX-VENTURE: FRI) ("Freeport") announces a non-brokered private
placement financing of up to $150,000
through issuance of up to 3,000,000 units of the Company (the
"Units") at a price of $0.05 per
Unit. Each Unit will consist of one common share and one
non-transferable share purchase warrant (a "Warrant"). Each warrant
shall be exercisable to acquire one additional common share for a
period of five years at an exercise price of 10 cents ($0.10).
As part of this non-brokered financing, the warrants are subject to
an acceleration clause. This clause states that if after the
warrants are issued, the closing price of the common shares of the
company on the principal market on which such shares trade is equal
to, or exceeds, 15 cents for 10
consecutive days, the warrant expiry date shall accelerate to a
date 10 calendar days after the issuance of a press release by the
company announcing that reduced warrant term. All units
acquired pursuant to the private placement, and shares which may be
acquired upon the exercise of the warrants, are subject to a four
(4) month hold period in accordance with applicable securities
legislation.
Finders' fees may be paid to eligible finders in accordance with
the TSX Venture Exchange policies. All securities issued pursuant
to the Private Placement will be subject to a four month hold
period under applicable securities laws in Canada. The Private Placement and payment of
finders' fees are both subject to approval by the TSX Venture
Exchange.
Net proceeds of the financing will be used for general working
capital and advancing the company's gold and other mineral projects
in Canada.
About Freeport
Freeport is a Canadian junior
exploration company with a solid 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 NL is our most
advanced project; it has a positive NI43-101 Prefeasibility (2004),
with a 5000 tonne bulk sample released from environmental
assessment. Please visit www.freeportresources.com or contact
us for more 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.
SOURCE Freeport Resources Inc.
