Source: Portofino Resources
  • Portofino Resources (POR) has upsized its fully subscribed private placement offering of units from $500,000 to $700,00
  • Each unit, priced at $0.05, includes one common share and one share purchase warrant
  • A warrant can be exercised to purchase an additional common share for $0.075 for 36 months after the closing date of the offering
  • 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 up 9.09 per cent on the day, trading at C$0.06 per share at 3:30 pm ET

Portofino Resources (POR) has upsized its fully-subscribed, non-brokered private placement from $500,000 to $700,000.

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.

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 up 9.09 per cent on the day, trading at C$.06 per share at 3:30 pm ET.


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