Portofino Announces $300,000 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 ANNOUNCES $300,000 FINANCING
Vancouver, B.C., April 27, 2020. PORTOFINO RESOURCES INC. (POR: TSX-V) (POTA: FSE) (“Portofino” or
the “Company”) reports that due to overwhelming interest in its previously announced, oversubscribed
$550,000 private placement, the Company announces a $300,000 placement consisting of up to 6 million
Units priced at $0.05/Unit. Portofino insiders intend to subscribe for a minimum 2 million units.
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 2 4 months from closing at
an exercise price of $0.05.
David Tafel, Portofino’s CEO comments : “We appreciate the strong support from our current
shareholders and new investors during a tumultuous and uncertain economic time and we are
determined to work hard to increase our Company’s value. Due to Exchange restrictions on the amount
of funds the Company could accept into the previous ($0.035) financing and the market value at time of
closing (April 24), insiders deci ded not to invest to ensure maximum availabilit y for non -insider
investors. Insiders will instead invest in the current, higher priced ($0.05) placement.”
Proceeds from this financing shall be used by the Company for project exploration activities, currently
focused on its South of Otter ( Red Lake) gold project and general corporate purposes which includes
pursuing other potential precious metal project opportunities. The South of Otter property hosts targets
for both Red Lake-style gold mineralization, as well as gold bearing base metal prospects. Historical work
on the property includes prospecting, sampling, airborne magnetic geophysical surveys as well as limited
drilling.
Closing of this financing will be subject to TSX Venture Exchange approval and any shares issued will be
subject to a four-month hold period.
About Portofino Resources Inc.
Portofino is a Vancouver -based Canadian company focused on acquiring, exploring and develo ping
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 high-grade Dixie gold property owned by
Great Bear Resources Ltd. 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.