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
- Portland General Electric declares dividend • PR Newswire (US) • 10/18/2024 10:00:00 PM
- Portland General Electric schedules earnings release and conference call for Friday, October 25 • PR Newswire (US) • 09/25/2024 10:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/13/2024 05:55:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 08:48:48 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/10/2024 09:55:21 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/05/2024 09:02:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/26/2024 08:08:51 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/23/2024 07:28:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/08/2024 05:54:28 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/07/2024 05:10:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 06:29:10 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/01/2024 02:06:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/26/2024 12:59:41 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 07/26/2024 10:28:50 AM
- Portland General Electric Announces Second Quarter 2024 Results • PR Newswire (US) • 07/26/2024 10:15:00 AM
- U.S. Index Futures Point to Higher Open, Oil Prices Down • IH Market News • 07/26/2024 10:08:50 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/25/2024 03:44:46 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/24/2024 05:51:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/22/2024 08:11:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/22/2024 08:07:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/22/2024 08:04:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/22/2024 08:02:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/22/2024 07:57:47 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/22/2024 07:54:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/22/2024 07:50:44 PM
SANUWAVE Announces Reverse Stock Split, Note and Warrant Exchange, and PIPE Offering • SNWV • Oct 18, 2024 9:31 AM
Vocodia Addresses Recent Stock Price Movement and Future Strategic Partnerships • VHAI • Oct 18, 2024 9:00 AM
Mass Megawatts Announces the Start of an Online Discount Solar Energy Equipment Business with Revenue Recognized for the First Time Since Year 2010 in this Fiscal Quarter • MMMW • Oct 18, 2024 7:32 AM
Unitronix Corp Advances DeFi Innovation with Tokenized Real-World Assets Integration • UTRX • Oct 17, 2024 7:38 AM
Mass Megawatts Commences Solar Energy Sales Efforts • MMMW • Oct 16, 2024 7:45 AM
SANUWAVE Health Announces 1-For-375 Reverse Stock Split • SNWV • Oct 16, 2024 7:40 AM