New Found Gold Corp. press release
Freeport Announces Flow-through Financing
TSX - Toronto Stock Exchange
TSX Venture Exchange: FRI Shares Issued: 10,449,232 Fully Diluted: 12,927,732
VANCOUVER, Aug. 10 /CNW/ - FREEPORT RESOURCES INC. is pleased to announce that the Company has arranged in principle a non-brokered private placement of 800,000 units at a price of $0.13 per unit for gross proceeds of $104,000. 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 completion of the financing, which is expected to occur late August. Insiders are subscribing to 260,000 shares, or about one third of the offering. 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 at the Hutton garnet titanium beaches in northern Labrador and several other projects in NL and BC. The common shares in the units and the shares issuable on exercise of the share purchase warrants will be subject to a 4 month restricted resale period. The offering is subject to the execution of definitive agreements and the approval of the TSX Venture Exchange.
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. %SEDAR: 00006031E