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.
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