Portofino Resources Inc (POR)

[JonnyRBuck12]

Portofino Resources Inc. Research Report

Symbol: POR.V in Canada & PFFOF in the USA

Price: $0.065 CAD & $0.017 USD
Common Shares: 24.5 million (Does not include recent financing which has a 4 month hold)
Funds raised $850,000 between two placements

POR has two great projects, one is next to Great Bear Resources (GBR) which is the most successful gold discovery project in Canada at the moment, along with a large lithium project in South America.

Recent Fact Sheet: https://www.portofinoresources.com/site/assets/files/1761/portofino_-_fact_sheet_02-25-2020_jw_final.pdf

Recent Company Presentation: https://www.portofinoresources.com/site/assets/files/1764/portofino_-_presentation_02-25-2020_jw_final.pdf

GBR went from $0.50 to $9 because of a large amount of high grade gold that was discovered near Kirkland Lake, which is beside many active mines. BTU.V is also an area play which has had success and a tremendous jump in share price.

Most recent news:

Portofino arranges $300,000 private placement

2020-04-27 13:05 MT - News Release


Mr. David Tafel reports

PORTOFINO ANNOUNCES $300,000 FINANCING

Portofino Resources Inc., due to overwhelming interest in its previously announced, oversubscribed $550,000 private placement, the company has arranged a $300,000 placement consisting of up to six million units priced at five cents per unit. Portofino insiders intend to subscribe for a minimum 2 million units.

Each Unit consists of one common share and one 2-year common share purchase warrant. Each whole warrant is exercisable for one Common Share of the Company for a period of 24 months from closing at an exercise price of $0.05.

David Tafel, Portofino's CEO comments: "We appreciate the strong support from our current shareholders and new investors during a tumultuous and uncertain economic time and we are determined to work hard to increase our Company's value. Due to Exchange restrictions on the amount of funds the Company could accept into the previous ($0.035) financing and the market value at time of closing (April 24), insiders decided not to invest to ensure maximum availability for non-insider investors. Insiders will instead invest in the current, higher priced ($0.05) placement."

Proceeds from this financing shall be used by the Company for project exploration activities, currently focused on its South of Otter (Red Lake) gold project and general corporate purposes which includes pursuing other potential precious metal project opportunities. The South of Otter property hosts targets for both Red Lake-style gold mineralization, as well as gold bearing base metal prospects. Historical work on the property includes prospecting, sampling, airborne magnetic geophysical surveys as well as limited drilling.

Closing of this financing will be subject to TSX Venture Exchange approval and any shares issued will be subject to a four-month hold period.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold property owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.


Portofino closes oversubscribed financing for $550,000

2020-04-24 16:17 MT - News Release


Mr. David Tafel reports

PORTOFINO CLOSES OVERSUBSCRIBED FINANCING

Portofino Resources Inc. has been oversubscribed on its previously announced $500,000 non-brokered private placement and has closed on $550,000 priced at 3.5 cents per unit. Each unit consists of one common share and one two-year common share purchase warrant. Each whole warrant is exercisable for one common share of the company for a period of 24 months from closing at an exercise price of five cents.

Proceeds from this financing shall be used by the company for project exploration activities, currently focused on its Red Lake gold project, and for general corporate purposes as previously detailed.

Portofino is issuing 15,714,285 share units and paying finders' fees of $21,512 and 597,509 broker warrants, which are exercisable on the same terms as the subscribing investors. The shares issued are subject to a four-month hold period, which will expire in August, 2020.

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historical gold mining district of Red Lake, Ont., proximal to the high-grade Dixie gold property owned by Great Bear Resources Ltd. The company also maintains an interest in prospective lithium salar properties, located within the world-renowned Lithium Triangle in Argentina.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.