- Portofino Resources (POR) has closed the first tranche of a non-brokered private placement financing for proceeds of $548,000
- Under the first tranche, the company issued 13.7 million units at $0.04 per unit
- Proceeds will be used primarily for exploration activities on Portofino’s Argentine lithium and Canadian projects
- Portofino is a Canadian resource company focused on exploring and developing mineral resource projects in the Americas
- Portofino Resources Inc. (POR) is unchanged on the day, trading at C$0.035 per share at 12:45 pm ET
Portofino Resources (POR) has closed the first tranche of its non-brokered private placement financing for proceeds of $548,000.
Under the first tranche of the previously announced offering, the company issued 13.7 million units at $0.04 per unit. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share over a period of 24 months at a price of $0.06 during the first year and $0.10 during the second year.
Proceeds will be used for exploration activities on Portofino’s Argentine lithium and Canadian projects, working capital and general corporate activities.
All shares issued will be subject to a statutory four-month hold period.
Portofino is a Canadian resource 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.
Portofino Resources Inc. (POR) is unchanged on the day, trading at C$0.035 per share at 12:45 pm ET.