Portofino Closes Oversubscribed Private Placement
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 PRIVATE PLACEMENT
Vancouver, B.C., October 20, 2021. PORTOFINO RESOURCES INC. (TSX -V: POR) (OTCQB: PFFOF) (FSE:
POTA) (“Portofino” or the “Company”) is pleased to report, its previously announced non -brokered,
private placement comprising common share Unit s has closed and the Company has received
subscriptions for $650,000.
Each Unit consists of one common share and one share purchase warrant. Each warrant has a term of 36
months commencing on the Closing Date and entitles the holder to purchase one common share at a price
of $0.12 during the term. Portofino is issuing 8, 125,000 Share Units and paying finders fees of $38,750
and 483,750 broker warrants which are exercisable on the same terms as the subscribing investors. All
shares issued are subject to a four-month hold period expiring in February 2022. Final closing is subject to
TSXV Exchange approval
Proceeds from the financing shall be used for exploration activities, including a first phase drill program
on the Yergo, Argentina lithium project, working capital and general corporate activities.
The Yergo Lithium Project
Portofino has the right to earn a 100% interest in the 2,932 hectares Yergo Project which encompasses
the entire Aparejos Salar located in the southern part of Argentina’s world-renowned “Lithium Triangle”.
The Project is situated 15 kilometers southeast of Neo Lithium Corp’s (NLC-TSXV) 3Q Project.
(On October 08, 2021, Neo Lithium Corp. announced it had received a takeover offer of $960 million for
all its outstanding equity.)
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource
projects in the Americas. Portofino’s electric energy projects include the Yergo Lithium property which
encompasses the entire Aparejos Salar, located within the world -renowned “Lithium Triangle” in
Argentina and the Allison Lake North (Red Lake, Ontario) Lithium project.
Its South o f Otter and Bruce Lake projects are in the historic gold mining district of Red Lake, Ontario,
Canada proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. Portofino also
holds three other northwestern Ontario gold projects; the Gold Creek property located immediately south
of the historic Shebandowan Nickel -Copper 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 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.