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Portofino raises $630,500 for work near Red Lake and Atikokan

Nov 10, 2020

PORTOFINO RESOURCES INC. says a recent financing has been oversubscribed and has been closed at $630,500.

Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. Its South of Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Nickel-Copper mine, as well as the Sapawe West and Melema West properties located near Atikokan. 

Proceeds from the financing shall be used for exploration activities on its Northwestern Ontario precious metal projects and general working capital.

The placement is priced at $0.10 per unit and each unit consists of one common share and one share purchase warrant. Each warrant has a term of 24 months commencing on the Closing Date and entitles the holder to purchase one common share at a price of $0.15 during the term. 6,305,000 common shares and warrants are being issued and the Company is paying finders fees of $32,640 and 318,400 (finders') warrants. The finders' warrants have the same terms as the investors. All shares issued will be subject to a four-month hold period expiring in March 2021.



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