- Portofino Resources (POR) has once again upsized its oversubscribed private placement for gross proceeds of $735,000
- This latest increase was due to continued strong investor interest
- Financing started at $500,000 to $700,000 and now to $735,000 for the same price of $0.05 per unit
- Proceeds will support exploration activities on its Argentine lithium and Canadian projects and general corporate activities
- Portofino Resources (POR) is up 10.00 per cent and is trading at $0.05 per share as of 2:25 p.m. EST
Portofino Resources (POR) has upsized its previously-announced, oversubscribed private placement for gross proceeds of $735,000.
The company stated this latest increase was due to continued strong interest in the financing. The non-brokered private placement financing originally started at $500,000 and went to $700,000 and now to $735,000 for the same unit price of $0.05.
Each unit consists of one common share and one share purchase warrant. A single warrant the holder to buy an additional common share for $0.075 per share. The warrants have a three-year term starting on the closing date.
Funds to support ongoing work
According to the company, proceeds from the financing will be used for exploration activities on its Argentine lithium and Canadian projects, as well as working capital and general corporate activities. Closing of the offering is still subject to TSX Venture Exchange approval.
Portofino is a Vancouver-based company focused on exploring and developing mineral resource projects in the Americas. It has the option to earn a majority interest in multiple lithium projects in Salta, Argentina and up to 100 per cent of the Yergo Lithium property in Catamarca.
Additionally. the company can earn a total interest in three northwestern Ontario lithium projects known as Allison Lake North, Greenheart Lake, and McNamara Lake.
Portofino Resources (POR) is up 10.00 per cent and is trading at $0.05 per share as of 2:25 p.m. EST.