Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") wishes to announce that it has increased and closed its private placement financing for $965,000 priced at $0.10 per Unit. 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 $0.15. The Company is issuing 9,650,000 Share Units that are subject to a 4 month hold period expiring in January 2024.
Proceeds from the financing shall be used for the buyout of the Yergo Lithium Project option agreement (see NR August 14), initial associated drill permitting activities, as well as general working capital.