TSX Venture Exchange: FRI
Shares Issued: 11,885,232
Fully Diluted: 14,947,732
VANCOUVER, Nov. 30 /CNW/ - FREEPORT RESOURCES INC. announces that it has
received regulatory acceptance of the private placement announced on
August 10, 2005, and has issued an aggregate of 1,010,000 units to several
investors at a price of $0.13 per unit for gross proceeds of $131,300.
Each unit consists of one common share and one share purchase warrant
exercisable to purchase an additional common share at a price of $0.17 for a
period of two years from TSX-V acceptance. All the units consist of flow-
through common shares and share purchase warrants to acquire additional non-
flow-through common shares, and will entitle the purchasers to certain income
tax benefits under applicable legislation.
The proceeds from the placement that consist of flow-through funds will
be used for exploration in Labrador and B.C., including the Hutton garnet
titanium beaches, the Notakwanon property adjacent to Inco's Garland Lake
claims, and the Q fluorspar-molybdenum claims in BC. The common shares in the
units and the shares issuable on exercise of the share purchase warrants are
subject to a 4 month restricted resale period expiring January 22, 2006
pursuant to TSX Venture Exchange policies.
In addition, Freeport Resources Inc has recently been selected for
inclusion in the Liberty Micro-Cap Resource Index which is the world's first,
micro-cap resource index. The Liberty Micro-Cap Resource Index includes all
publicly traded, North American listed resource companies with market caps
between CDN$2,000,000 - $200,000,000 that meet a minimum stock liquidity
requirement. In early January 2006, a Liberty investment fund will be launched
to mirror the performance of this index.
Freeport Resources, founded in 1981, is a junior mineral exploration
company listed on the TSX Venture Exchange. Freeport has landholdings in
Labrador and B.C., with a special focus on industrial minerals, precious
metals, and gemstones.
Respectfully submitted
on behalf of the Board of Directors,
"Brenda Clark"
Brenda Clark, MAIBC
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
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