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Freeport Completes Acquisition of Yandera Copper Project
Freeport Completes Acquisition of Yandera Copper Project Canada NewsWire ...
About this update from Freeport Resources Inc.
[{"type":"text","content":"\n \n \n \n Freeport Completes Acquisition of Yandera Copper Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n VANCOUVER, BC,\n \n Aug. 16, 2021\n \n /CNW/ - Freeport Resources Inc. (the \"\n \n Company\n \n \") is pleased to announce that it has acquired all of the outstanding share capital of Carpo Resources Inc. (\"\n \n Carpo\n \n \").  Carpo is a privately-held company which controls Era Resources Inc., a corporation established under the laws of\n \n Cayman Islands\n \n and which itself controls an exploration license located in\n \n Papua New Guinea\n \n and which is commonly known as the \"Yandera Copper Project\".\n \n \n Carpo was acquired pursuant to a share purchase agreement, dated effective\n \n June 25th, 2021\n \n , entered into with Carpo, and all of the shareholders of Carpo (collectively, the \"\n \n Vendors\n \n \"). The Company is at arms-length from each of Carpo, and the Vendors.  In consideration for all of the outstanding share capital of Carpo, the Company has issued 20,000,000 common shares to the Vendors.  In connection with completion of the Transaction, the Company does not expect to assume any material liabilities, nor does it expect to devote the majority of its working capital or resources to the development of Carpo or the Yandera Copper Project.  As a result, the Transaction does not constitute a fundamental acquistion for the Company, within the policies of the TSX Venture Exchange.  The Transaction did not result in the creation of a new insider, or a change of control, of the Company, within the meaning of applicable securities laws.\n \n \n The acquisition of the Yandera Copper Project, which is one of the largest undeveloped copper deposits in the world, is in line with the Company's mandate to seek out, identify and acquire undervalued projects globally.  The Company previously acquired the Star Mountains Copper & Gold Project, also in\n \n Papua\n \n New Guinea.\n \n \n \n The Yandera Copper Project\n \n \n \n The Yandera Project area was the s...