Portofino’s (POR) non-brokered private placement has been increased from $500,000 to $650,000.
Each unit, priced at C$0.08, will consist of one common share and one share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of $0.12 for 36 months after the offer has closed.
Closing will be subject to TSXV Exchange approval, and any shares issued will be subject to a four-month hold period.
Proceeds from the financing shall be used for exploration activities, including a first phase drill program on the Yergo, Argentina lithium project, working capital and general corporate activities.
Portofino Resources is a Vancouver-based company focused on exploring and developing mineral resource projects in the Americas.
The company’s precious mineral projects include the South of Otter and Bruce Lake projects located in the historic gold mining district of Red Lake, Ontario, Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd.
Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining camp.
Portofino’s green energy projects include the Allison Lake North (Ontario) Lithium project and the Yergo Lithium property which encompasses the entire Aparejos Salar, located within the world-renowned “Lithium Triangle” in Argentina.
Portofino Resources Inc. (POR) is up 15 per cent, trading at C$0.115 per share at 4:15 pm ET.