Portofino Increases and Closes $965,000 Financing

Portofino Increases and Closes $965,000 Financing

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.

Mr. David Tafel, CEO comments: "I would like to thank our investors for their continued support and am pleased to report that Advisory Board members, Alex Molyneaux and Blake Steele also continue to show confidence in our strategic plans by adding to their Portofino holdings through this financing."

About Portofino Resources Inc.

Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Portofino has an opportunity to earn a majority interest in several lithium projects in Salta, Argentina and up to 100% of the Yergo Lithium Project in Catamarca. The properties are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and McNamara Lake.

Additionally, Portofino has a portfolio of 6 gold projects, 2 drill-ready, located in Northern Ontario (Canada): the South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario, Canada proximal to the Dixie Gold Project discovered by Great Bear Resources (acquired by Kinross Gold in 2022); and Portofino holds three other gold projects, including the Gold Creek property located immediately south of the historic Shebandowan mine.

ON BEHALF OF THE BOARD

"David G. Tafel"

Chief Executive Officer

For Further Information Contact:

David Tafel CEO,
Director 604-683-1991

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company's future business plans. Forward-looking information in this news release is based on certain assumptions and expected future events, namely the growth and development of the Company's business as currently anticipated. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181325

News Provided by Newsfile via QuoteMedia

POR:CA
The Conversation (0)
Portofino Executes Agreement to Option Its Gold Creek Property

Portofino Executes Agreement to Option Its Gold Creek Property

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that it has entered into a Mineral Claims Option Agreement with Delta Resources limited ("Delta") whereby Portofino has granted Delta the exclusive right to acquire a 100% interest in its Gold Creek property (The "Property"). The Property covers approximately 4,324 hectares and is situated just to the west of Delta's project area located near Thunder Bay, Ontario.

The terms of the agreement include $300,000 paid in cash and 2,000,001 shares of Delta, paid as follows:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino Grants Stock Options

Portofino Grants Stock Options

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that, in accordance with the Company's Share Option Plan it has granted options to purchase an aggregate of 360,000 common shares of the Company to certain consultants of the Company. Each Option is exercisable into one Common Share at an exercise price of $0.05. The Options are subject to certain vesting conditions and expire five years from the grant date.

About Portofino Resources Inc.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino Updates Argentine Lithium Projects; PDAC Convention Exhibitor

Portofino Updates Argentine Lithium Projects; PDAC Convention Exhibitor

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") wishes to update its shareholders and investors on current corporate activities as related to its two drill-ready Argentina lithium brine projects.

Yergo Project, Catamarca Province

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino Amends South of Otter, Red Lake Agreement

Portofino Amends South of Otter, Red Lake Agreement

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") announces that it has executed an amending agreement with EMX Royalty Corp., the underlying claim owner of the South of Otter, Red Lake, Ontario gold project. The Agreement allows the Company to exercise its right to earn a 100% interest in the project by making the final cash payment of $25,000 based on 50% in shares (by Feb 05th) and 50% in cash (by Feb 28th).

Based on the previous 30-day volume weighted average price for Portofino shares, 176,056 shares are to be issued at a value of $.071 per share. Following this final payment, the Company will own 100% interest in the South of Otter claims, subject to a 1.5% NSR.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Portofino and Lithium Chile Partner on Winning Bid for 8,445 Hectare Arizaro Lithium Project in Salta, Argentina

Portofino and Lithium Chile Partner on Winning Bid for 8,445 Hectare Arizaro Lithium Project in Salta, Argentina

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") and LITHIUM CHILE INC. (TSXV: LITH) (OTCQB: LTMCF) ("Lithium Chile") (where Portofino and Lithium Chile are jointly referred to as the "Companies" hereinafter) are pleased to announce a 50:50 net equity Partnership Agreement following a successful tender for an 8,445 hectare concession within the lithium-bearing Arizaro Salar in Argentina ("Arizaro Area IV").

The Companies had previously submitted separate offers in a public tender for five concession areas (Figure 1) in the province of Salta with Arizaro IV being the largest of the five concession areas.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
A battery with Australia flag.

4 Best-performing ASX Lithium Stocks of 2025

Global demand for lithium presents a significant opportunity for Australia, which is home to many ASX lithium mining stocks as the world's top lithium producer.

Australia’s abundant lithium reserves and strong mining sector, position the country as a key player in the battery value chain into the 2030s. However, rapid electric vehicle (EV) market growth projections drove increased lithium mining rates, leading to a global surplus.

Against that backdrop, Australia’s lithium sector faced headwinds in Q1 2025 due to falling global lithium prices and continued market oversupply.

Keep reading...Show less
A sack of US money.

California Touts US$540 Billion Salton Sea Lithium Discovery

Scientists have discovered an estimated US$540 billion worth of lithium beneath California’s Salton Sea, a finding that could reshape the global energy market and reduce US reliance on foreign lithium supply.

The Salton Sea, located in Southern California’s Imperial County, has long been considered an environmental concern due to its receding shoreline and rising air pollution.

Now, researchers funded by the US Department of Energy have confirmed the area holds approximately 18 million metric tons of lithium — far more than previous estimates of 4 million metric tons.

Keep reading...Show less
Lithium periodic symbol and Canadian flag.

Top 5 Canadian Lithium Stocks of 2025

The lithium market continued to battle headwinds during the first quarter of 2025 as residual oversupply weighed on prices, pushing them to a four year low.

Weaker-than-expected demand to start the year also added pressure to the oversupplied market, resulting in the lithium carbonate CIF North Asia price to fall below US$9,550 per metric ton, its lowest point since 2021.

Analysts have suggested the persistent downturn is the signaling of a market bottom. This theory is further supported by a projected production reduction that will help absorb market oversupply.

Keep reading...Show less
Green blocks with leaves on them push purple blocks with "CO2" written on them.

Funding the Energy Transition: The Role of Public and Private Finance in Building Supply Chains

The energy transition demands substantial funding as participants look to build out infrastructure and supply chains, but experts say new solutions are emerging to help navigate this landscape.

During the "Financing the Energy Transition" panel at the Benchmark Summit, participants discussed the role of government and public sector investment, as well as the outlook for Canada's electric vehicle (EV) supply chain.

Moderated by Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, the discussion at the Toronto-based event opened with a snapshot of Canada’s EV battery supply chain buildout.

Keep reading...Show less
International Lithium Chairman and CEO John Wisbey.

International Lithium Plans PEA on Rubidium Resource at Raleigh Lake Project, CEO Says

John Wisbey, CEO of International Lithium (TSXV:ILC), discusses the company's strategic sale of its Irish lithium property, progress on the Raleigh Lake lithium-rubidium project in Canada and expansion efforts in Zimbabwe.

Latest Press Releases

Related News

×