Portofino Closes First Tranche of 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 CLOSES FIRST TRANCHE OF FINANCING
Vancouver, B.C., November 04, 2022. PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) announces that it has closed the first tranche of its previously
announced non-brokered private placement financing for $548,000 priced at $0.04 per Unit. The
Company is issuing 13.7 million Units with each Unit consist ing of one common share and one share
purchase warrant. Each Warrant has a term of 24 months commencing on the Closing Date and entitle s
the holder to purchase one common share at a price of $0.06 during the first year and $0.10 during the
second year. Finders’ fees related to this financing, consist of $3,200 and 80,000 finders’ warrants which
are exercisable on the same terms as the subscribing investors. Shares are subject to a 4 month hold
period expiring in March 2023.
65% of the proceeds from the financing shall be used for exploration activities on Por tofino’s Argentine
lithium and Canadian projects, 10% for non -arms length payments, 5% for investor relations 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 Americas. Portofino has an opportunity to earn a majority interest in multiple 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-renown Argentine Lithium Triangle and 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 Otter and Bruce Lake projects are in the historic gold mining distric t 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 northwestern 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 forward -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 ant icipate", 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 release 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 results, performance or
achievements to differ materially f rom 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
statements, as there can be no assurance that the plans, intent ions 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.