Source: Portofino Resources
  • Portofino Resources (POR) has announced a $500,000 non-brokered private placement offering of its units
  • Each unit is priced at $0.05 and includes one common share and one share purchase warrant
  • A single warrant will allow a holder to purchase an additional common share for $0.075 for 36 months after the closing date
  • The private placement has been fully subscribed
  • Proceeds from this financing will be used for activities on the company’s lithium projects, and for working capital and general corporate activities
  • Portofino Resources (POR) is unchanged trading at $0.05 per share as of 1:58 p.m. EST

Portofino Resources (POR) has announced a $500,000 non-brokered private placement offering of units.

Each unit, priced at $0.05, includes one common share and one share purchase warrant. A warrant will allow a holder to purchase an additional common share for $0.075. The warrants have a 36-month term following the closing date of the offering.

The placement has already been fully subscribed. Proceeds from this financing will be used for exploration activities on the company’s Argentinian and Canadian lithium projects, as well as for working capital and general corporate activities.

The offering’s closing is subject to TSX Venture Exchange approval.

Portofino is a Vancouver-based mining company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority and/or total interest in multiple lithium projects in Argentina.

The company also has the right to earn complete ownership in three northwestern Ontario lithium projects. These projects include Allison Lake North, Greenheart Lake, and McNamara Lake.

Portofino’s current asset portfolio also contains the South of Otter, Bruce Lake, Gold Creek, as well as the Sapawe West and Melema West properties, all located in Ontario.

Portofino Resources (POR) is unchanged, trading at $0.05 per share as of 1:58 p.m. EST.


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