Freeport Resources raises ~$4.4M as part of ongoing private placement (OTCQB:FEERF)

Freeport Resources (TSXV:FRI:CA) (OTCQB:FEERF) said on Monday that the mineral exploration company has raised ~$4.4M so far as part of an ongoing private placement.
The company provided an update on the non-brokered private placement offering on June 17. The up to $7M offering will now consist of up to 140M units priced at $0.05 per unit.
Each unit consists of one share and one-half-of-one share purchase warrant. The warrant entitles the holder to acquire an additional share at $0.25 for a period of 24 months.
The final tranche is expected to close at June-end.
The funds will be used for general working capital purposes and to advance work on an internal project optimization review.
Source: Press Release

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