Vancouver, B.C., April 07, 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) ("Portofino" or the "Company") reports that it is amending the pricing of its previously announced non-brokered private placement for up to $500,000 to $0.035/Unit. 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.
Proceeds from this financing shall be used by the Company for exploration activities, currently focused on its Red Lake project and for general corporate purposes detailed below.
The Company contemplates that various exemptions may be utilized pursuant to this financing including, the suitability advice exemption (B.C. Instrument 45-536) as well as the existing shareholder exemption (CSA notice 45-313) which allows for an investment by a non-accredited shareholder of up to $15,000 within any 12-month period. There is no material fact or material change that has not been generally disclosed. Closing will be subject to TSX Venture Exchange approval and any shares issued will be subject to a four-month hold period.
Proceeds from the financing are budgeted as follows: Ontario Property Exploration - $180,000; Geologist fees- 35,000; Property concessions payment - $40,000; Rent - $35,000; Office overhead - $15,000; Administration - $40,000; Legal, audit and accounting - $40,000; Offering expenses and investor communications - $30,000; Marketing materials- 10,000; Regulatory filing fees- $10,000; Working capital - $65,000.
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 Dixie property owned by Great Bear Resources Ltd. Great Bear has recently reported multiple high-grade gold discoveries. 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:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operations of Portofino Resources Inc. (the "Company"). All forward- looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.