Portofino Closes Oversubscribed Financing FOR $630,500
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 OVERSUBSCRIBED FINANCING FOR $630,500
Vancouver, B.C., November 09, 2020. PORTOFINO RESOURCES INC. (POR: TSX -V) (POTA: FSE)
(“Portofino” or the “Company”) announces that further to its previously announced private placement for
$500,000, (subsequently increased to $600,000), the Company’s financing has been oversubscribed and
has been closed at $630,500. The placement is priced at $0.1 0 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 entitle s 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 t he 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.
Proceeds from the financing shall be used for exploration activities on its Northwestern Ontario precious
metal projects and general working capital.
About Portofino Resources Inc.
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 Ni ckel-Copper mine, as well as the Sapawe West and
Melema West properties located near Atikokan. The Company also maintains an interest in prospective
lithium salar properties located within the world -renowned “Lithium Triangle” in Argentina. For further
information on the Company, please visit: www.portofinoresources.com.
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 project 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 results may differ materially from any estimates or projections.