Freeport Resource owns Yandera


FREEPORT Resources Inc now owns the Yandera copper project in Madang through its acquisition of Carpo Resources Inc.
It is a privately-held company which controls Era Resources Inc, which controls exploration license of Yandera project.
“Carpo was acquired pursuant to a share purchase agreement, dated effective June 25, 2021, entered into with Carpo, and all of the shareholders of Carpo,” Freeport said in the statement.
“The company is at arms-length from each of Carpo, and the vendors. In consideration for all of the outstanding share capital of Carpo, the company has issued 20,000,000 common shares to the vendors.
“In connection with completion of the transaction, the company does not expect to assume any material liabilities, nor does it expect to devote the majority of its working capital or resources to the development of Carpo or the Yandera copper project.
“As a result, the transaction does not constitute a fundamental acquistion for the company, within the policies of the Toronto stock exchange venture exchange.”