Portofino Announces Closing of $538,000 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 CLOSING OF $538,000 FINANCING
Vancouver, B.C., August 1 , 2023. PORTOFINO RESOURCES INC. (TSX -V: POR) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) announces that it has closed its non-brokered private placement
financing in the amount of $538,000 priced at $0.04 per Unit. The Company is issuing 1 3,450,000 Units
with each Unit consisting of one common share and one share purchase warrant. Each Warrant has a
term of 36 mon ths commencing on the Closing Date and entitles the holder to purchase one common
share at a price of $0.06. Finders’ fees related to this financing, consist of $13,160 and 329,000 finders’
warrants which are exercisable on the same terms as the subscribing investors. Shares are subject to a 4
month hold period expiring in December 2023.
The majority of the proceeds from the financing shall be used for exploration related activities on
Portofino’s lithium projects with approximately 10% for non-arms length payments and 10% for investor
relations and corporate communications and the balance for working capital and general corporate
activities.
About Portofino Resources Inc.
Portofino is a Vancouver -based Canadian company focused on exploring and developing mineral
resource projects in the Ameri cas. Portofino has an opportunity to earn a majority interest in several
lithium projects in Salta, Argentina and up to 100% of the Yergo Lithium property in Catamarca. The
properties are situated in the heart of the world -renowned Argentine Lithium Triang le an d in close
proximity to multiple world-class lithium projects. The Company also has the right to earn 100% interest
in three northwestern Ontario, Canada lithium projects: Allison Lake North, Greenheart Lake and
McNamara Lake.
Portofino’s South of Ot ter and Bruce Lake projects are in the historic gold mining district of Red Lake,
Ontario, Canada proximal to the Dixie gold project discovered by Great Bear Resources and now owned
by Kinross Gold Corp. In addition, Portofino holds three other northwester n Ontario gold projects; the
Gold Creek property located immediately south of the historic Shebandowan mine, as well as the
Sapawe West and Melema West properties located in the rapidly developing Atikokan gold mining
camp.
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 contains "forward -looking statements" within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in nature may constitute for ward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward -
looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "will continue" , "will occur" or "will be achieved". The forward -looking information and forward -
looking statements contained herein include, but are not limited to, statements regarding the Company’s future
business plans. Forward -looking information in this news releas e is based on certain assumptions and expected
future events, namely the growth and development of the Company’s business as currently anticipated. These
statements involve known and unknown risks, uncertainties and other factors, which may cause actual re sults,
performance or achievements to differ materially from those expressed or implied by such statements . Readers are
cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on
forward-looking statem ents, as there can be no assurance that the plans, intentions or expectations upon which
they are placed will occur. Such information, although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward -
looking statements contained in this news release are expressly qualified by this cautionary statement and reflect
the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes
no obligation to update or revise any forward -looking statements, whether as a result of new information,
estimates or opinions, future events or results or otherwise or to explain any material difference between
subsequent actual events and such forward-looking information, except as required by applicable law.