Freeport Announces Closing of Flow-through Financing
TSX - Toronto Stock Exchange
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
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