Portofino Resources Announces Fully Subscribed $715,000 Private Placement
Vancouver, November 10, 2017 - Portofino Resources Inc. (TSXV: POR) (FSE: POT) ("Portofino" or the "Company") is pleased to announce it has arranged a fully subscribed non-brokered private placement for $715,000 for 8,937,500 Units priced at $.08/Unit. Each Unit consists of one common share and one 2-year common share purchase warrant exercisable at $0.12 in the first year and $0.15 in the second year. The Company has received TSX Venture Exchange conditional approval and all shares issued will be subject to a four-month hold period expiring in March 2018. Finders fees are being paid consisting of $17,640 and 220,500 broker warrants that have the same terms as the subscribers. Proceeds from this financing shall be used by the Company for project due diligence, exploration, and for general corporate purposes.
As previously announced, the Company is in advanced discussions with several lithium brine concession owners within the Catamarca, Argentine lithium triangle region. The Company is also preparing requisite definitive agreements pursuant to its news release of September 7, 2017, whereby the Company announced an agreement to acquire a 100% interest in the Del Condor and Pucara projects in Catamarca. Both projects are located within the Salar del Hombre Muerto, where FMC Lithium is currently producing lithium carbonate and Galaxy Resources is developing its Sal de Vida project.
About Portofino Resources Inc.
Portofino is a Vancouver, Canada based Company focused on acquiring, exploring and developing mineral resource projects in the Americas.
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 may contain forward looking statements concerning future operations of Portofino Resources Inc.. (the "Company"). All forward- looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.