Non-brokered deal's proceeds slated for working capital, exploration
By Devika Patel
Knoxville, Tenn., Nov. 18 - Freeport Resources Inc. said it negotiated a C$1.06 million non-brokered private placement of stock.
The company will sell 5 million shares at C$0.20 per share and 300,000 flow-through shares at the same price, which is a 53.85% premium to the Nov. 17 closing share price of C$0.13.
Settlement is expected Dec. 15.
Proceeds will be used for working capital and exploration.
Vancouver, B.C.-based Freeport is a precious and base metals exploration company.
| Issuer: | Freeport Resources Inc.
|
| Issue: | Shares, flow-through shares
|
| Amount: | C$1.06 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 15
|
| Stock symbol: | TSX Venture: FRI
|
| Stock price: | C$0.13 at close Nov. 17
|
| Market capitalization: | C$1.85 million
|
|
|
| Shares
|
| Amount: | C$1 million
|
| Shares: | 5 million
|
|
|
| Flow-through shares
|
| Amount: | C$60,000
|
| Shares: | 300,000
|
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