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  • Portofino (POR) increases and closes $700k private placement
  • Each warrant has a term of 36 months commencing on the closing date and entitles the holder to purchase one common share at a price of $0.12
  • Portofino has the right to earn a 100 per cent interest in the 2,932-hectare Yergo Project which encompasses the entire Aparejos Salar
  • Final closing is subject to TSX-V Exchange approval, and any shares issued will be subject to a four-month hold period expiring in March 2022
  • Portifino Resrouces Inc. (POR) is up 12.50 per cent, trading at C$0.14 at 10:39 am ET

Portifino Resources Inc. (POR) has closed its previously announced non-brokered private placement for gross proceeds of $700,000.

Each unit consists of one common share and one share purchase warrant. Each warrant has a term of 36 months commencing on the closing date and entitles the holder to purchase one common share at a price of $0.12 during the term.

Finders’ fees related to this financing, consisting of $35,332 and 392,584 finders’ warrants which are exercisable on the same terms as the subscribing investors.

Final closing is subject to TSX-V Exchange approval, and any shares issued will be subject to a four-month hold period expiring in March 2022.

David Tafel, Portofino’s CEO commented on the placement.

“With the closing of this financing, we have been successful in raising $1.35 million over the last 2 weeks. Our proposed drill program on the Yergo, Argentina lithium project, anticipated to commence this month, is now fully funded and subject to initial results, can be expanded.”

Portofino has the right to earn a 100 per cent interest in the 2,932-hectare Yergo Project which encompasses the entire Aparejos Salar located in the southern part of Argentina’s world-renowned “Lithium Triangle”. The Project is situated 15 kilometres southeast of Neo Lithium Corp’s 3Q Project.

Portofino is a Canadian company focused on exploring and developing mineral resource projects in the Americas.

Portofino’s electric energy projects include the Yergo Lithium property which encompasses the entire Aparejos Salar, located within the world-renowned “Lithium Triangle” in Argentina and the Allison Lake North lithium/rare elements project.

Portifino Resrouces Inc. (POR) is up 12.50 per cent, trading at C$0.14 at 10:39 am ET.

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