Tuesday, May 05, 2020 1:30:48 PM
2020-05-05 09:10 MT - News Release
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") reports that it has been oversubscribed on its previously announced $300,000 non-brokered private placement and closed on $332,500 priced at $0.05/Unit. Portofino insiders subscribed for 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. Portofino is issuing 6,650,000 Share Units and paying finders fees of $9,040 and 688,000 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 September 2020.
Proceeds from this financing shall be used by the Company for mineral exploration activities, currently focused on its South of Otter (Red Lake) 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.
The Company anticipates deploying its exploration team to the project within the month and will provide activity details and objectives shortly.
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 project 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.
On Behalf of the Board,
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel
CEO, Director
604-683-1991
Recent POR News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 03:09:40 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/07/2024 05:02:40 PM
- Portland General Electric Announces First Quarter 2024 Results • PR Newswire (US) • 04/26/2024 09:00:00 AM
- Portland General Electric declares dividend • PR Newswire (US) • 04/19/2024 10:00:00 PM
- Portland General Electric schedules earnings release and conference call for Friday, April 26 • PR Newswire (US) • 03/26/2024 10:00:00 PM
- Portland General Electric announces intent to join CAISO EDAM regional energy market to benefit customers, environment • PR Newswire (US) • 03/21/2024 06:50:00 PM
- PGE outlines progress and purpose in 2023 Environmental, Social and Governance report • PR Newswire (US) • 03/07/2024 12:18:00 AM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 03/06/2024 09:28:21 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/06/2024 09:10:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 09:24:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 05:19:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 05:15:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 05:12:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 05:04:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/27/2024 04:57:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 09:11:16 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/20/2024 02:00:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:36:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:34:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:28:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:21:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:14:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:12:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:07:47 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 06:00:29 PM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM