Portofino Resources (POR) is looking to raise up to C$500,000 in a private placement to fund exploration work at its projects in Ontario.
Under the terms of the placement, the Vancouver-based exploration company intends to issue an unspecified number of units at a price of $0.10 each. These units will consist of one common share in Portofino and one common share purchase warrant.
Each warrant will be exercisable at a price of $0.15 of r a period of 24 months from the date of issuance.
The proceeds will be used to fund exploration work at a number of properties in the northwest region of the province, including those in the South of Otter, Red Lake and Gold Creek areas.
The Gold Creek claims, which are located within the Matawin gold belt south of Sebandowan, have recently been the subject of follow-up work from an earlier airborne geophysical survey. A number of occurrences have been identified and mapped, with more than 160 samples shipped for analysis.
In the Atikokan gold camp, Portofino's team has completed initial exploration activities on its Sapawe West and Melema West project, including prospecting, geochemical rock, soil and lake sediment sampling, and sampling of all identified mineral occurrences.
David Tafel, CEO of Portofino Resources, said he is optimistic about the company's current gold assets.
"We look forward to receiving sample assay results from the lab and will report results of our exploration work as they becomes available. We believe that our portfolio of prospective gold projects has excellent potential," he added.
Portofino Resources (POR) is currently steady at $0.11 per share, as of 2:03pm EDT.