Portofino Amends Pricing of $500,000 Financing
Suite 520 – 470 Granville Street
Vancouver, BC, CANADA V6C 1V5
Telephone: 604-683-1991
Fax: 604-683-8544
www.portofinoresources.com
PORTOFINO
RESOURCES INC.
NEWS RELEASE
PORTOFINO AMENDS PRICING OF $500,000 FINANCING
Vancouver, B.C., April 07, 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) (“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 fa ct 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.
About Portofino Resources Inc.
Portofino is a Vancouver -based Canadian company focused on acquiring, exploring and developing
mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the
historic gold mining district of Red Lake, Ontario proximal to the Dixie property owned by Great Bear
Resources Ltd. Great Bear has recently reported multiple high-grade gold discoveries. The Company also
maintains an interest in prospective lithium salar properties located within the world-renowned “Lithium
Triangle” in Argentina.
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 p roject
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 result s may differ
materially from any estimates or projections.