INTERSTING -EXCERPT FROM LATEST PRESS - APRIL 07 2020
" There is no material fact or material change that has not been generally disclosed."
How does one explain the last portofino video that conveyed in so many words, portofino will only keep one salar. No general press was ever diseminated to shareholders to address project 2.
Shareholders had to use deduction to figure out what portofino was driving at.
If Portofino was wanting t ounload the 2 hombre locations and said, will only have one salar, it meant project two had gone missing - which means - portofino did not come out and say, project two was dropped.
In addition and as stated im my last post - portofino promised it would dril lhombre - how long ago ? Yes...long time ago. Imagine if portofino was raising funds for hombre drilling - would they have ot reprice ? hmmm.
AS FOR THE BUDGET ? ( too top end heavy - most of funds are absorbed by other costs )
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.
QUICK ESTIMATE -
$180/k for exploration and if the average drill meter costs approx. $200/m
= 900/m ( equates to approx 4 holes )
Portofino - seriously what are you doing ?
You promised to drill hombre - and now.... running to, redlake ?
THINK - the best value for shareholders is drilling hombre - especially after Galan has struck home runs with 2 holes = high grade lithium + very deep horizons.
Makes no sense at all - to run to redlake...
MakeS PERFECT SENSE to follow through with the promised hombre drilling.
Pitch hombre drilling - most likely wouldn't have ot dilute or reprice.
Not impressed at all.
This is a lithium stock - Galan proved there's big lithium with in west hombre.
The very fact portofino is avoiding hombre - even promised to dsrill hombre - begs the question - why are they running form hombre ?
g