- Portofino Resources (POR) has closed a non-brokered private placement financing for gross proceeds of $735,500
- The company issued 14,710,000 units priced at $0.05 per unit
- Proceeds from the financing will be used for exploration activities on Portofino’s projects
- Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas
- Portofino Resources Inc. (POR) opened trading at C$0.055
Portofino Resources (POR) has closed its previously announced non-brokered private placement financing, raising gross proceeds of $735,500.
The company issued 14,710,000 units priced at $0.05 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.075 for three years.
The company paid finders’ fees totalling $31,850 and issued 637,700 finders’ warrants.
All shares issued under the financing are subject to a statutory four-month hold period expiring in June.
Proceeds from the financing will be used for exploration activities on Portofino’s Argentine lithium and Canadian projects, as well as working capital and general corporate activities.
About Portofino Resources
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity 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. The company also has the right to earn a 100 per cent interest in three lithium projects located in northwestern Ontario: Allison Lake North, Greenheart Lake and McNamara Lake.
Portofino Resources Inc. (POR) opened trading at C$0.055.