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Portofino Amends Pricing of $500000 Financing

Apr 7, 2020

April 7, 2020 -  PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") reports that it is amending the pricing of its previously announced non-brokered private placement for up to $500,000 to $0.035/Unit. Each Unit consists of one common share and one 2-year common share purchase warrant. Each whole warrant is exercisable for one Common Share of the Company for a period of 24 months from closing at an exercise price of $0.05. 

Proceeds from this financing shall be used by the Company for exploration activities, currently focused on its Red Lake project and for general corporate purposes detailed below.

The Company contemplates that various exemptions may be utilized pursuant to this financing including, the suitability advice exemption (B.C. Instrument 45-536) as well as the existing shareholder exemption (CSA notice 45-313) which allows for an investment by a non-accredited shareholder of up to $15,000 within any 12-month period. There is no material fact or material change that has not been generally disclosed. Closing will be subject to TSX Venture Exchange approval and any shares issued will be subject to a four-month hold period. 

Proceeds from the financing are budgeted as follows: Ontario Property Exploration - $180,000; Geologist fees- 35,000; Property concessions payment - $40,000; Rent - $35,000; Office overhead - $15,000; Administration - $40,000; Legal, audit and accounting - $40,000; Offering expenses and investor communications - $30,000; Marketing materials- 10,000; Regulatory filing fees- $10,000; Working capital - $65,000.

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