Business
Freeport Announces Closing of Flow-through Financing
Freeport Announces Closing of Flow-through Financing.
About this update from Freeport Resources Inc.
[{"type":"text","content":"\n\n\n\n\nTSX Venture Exchange: FRI \nShares Issued: 11,885,232 \nFully Diluted: 14,947,732\n\nVANCOUVER, Nov. 30 /CNW/ - FREEPORT RESOURCES INC. announces that it has\nreceived regulatory acceptance of the private placement announced on\nAugust 10, 2005, and has issued an aggregate of 1,010,000 units to several\ninvestors at a price of $0.13 per unit for gross proceeds of $131,300.\nEach unit consists of one common share and one share purchase warrant\nexercisable to purchase an additional common share at a price of $0.17 for a\nperiod of two years from TSX-V acceptance. All the units consist of flow-\nthrough common shares and share purchase warrants to acquire additional non-\nflow-through common shares, and will entitle the purchasers to certain income\ntax benefits under applicable legislation.\nThe proceeds from the placement that consist of flow-through funds will\nbe used for exploration in Labrador and B.C., including the Hutton garnet\ntitanium beaches, the Notakwanon property adjacent to Inco's Garland Lake\nclaims, and the Q fluorspar-molybdenum claims in BC. The common shares in the\nunits and the shares issuable on exercise of the share purchase warrants are\nsubject to a 4 month restricted resale period expiring January 22, 2006\npursuant to TSX Venture Exchange policies.\nIn addition, Freeport Resources Inc has recently been selected for\ninclusion in the Liberty Micro-Cap Resource Index which is the world's first,\nmicro-cap resource index. The Liberty Micro-Cap Resource Index includes all\npublicly traded, North American listed resource companies with market caps\nbetween CDN$2,000,000 - $200,000,000 that meet a minimum stock liquidity\nrequirement. In early January 2006, a Liberty investment fund will be launched\nto mirror the performance of this index.\nFreeport Resources, founded in 1981, is a junior mineral exploration\ncompany listed on the TSX Venture Exchange. Freeport has landholdings in\nLabrador and B.C., with a special focus on industrial minerals, precious\nmetals, and gemstones.\n\n Respectfully submitted\n on behalf of the Board of Directors,\n\n \"Brenda Clark\"\n\n Brenda Clark, MAIBC\n President\n\n THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT\n RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF\n THIS NEWS RELEASE.\n%SEDAR: 00006031E\n\n\n","length":2579,"tagName":...