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Portofino Applies for Extension of Warrants

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Portofino Resources (TSXV: POR) (OTC: PFFOF) is seeking TSX Venture Exchange approval for a one-year extension of 21,875,000 common share purchase warrants. The warrants, exercisable at $0.10, include 13,000,000 warrants expiring November 03, 2024, and 8,875,000 warrants expiring November 29, 2024. These warrants were originally issued as part of a non-brokered private placement of 23,500,000 Units priced at $0.04/Unit, with 1,625,000 warrants previously exercised at $0.06 during the first year. If approved, the new expiry dates will be November 03 and November 29, 2025.

Portofino Resources (TSXV: POR) (OTC: PFFOF) sta cercando l'approvazione della Borsa TTSE Venture per un'estensione di un anno di 21.875.000 warrant per l'acquisto di azioni ordinarie. I warrant, esercitabili a $0,10, includono 13.000.000 warrant in scadenza il 3 novembre 2024 e 8.875.000 warrant in scadenza il 29 novembre 2024. Questi warrant sono stati originariamente emessi come parte di un collocamento privato non mediato di 23.500.000 unità al prezzo di $0,04/unità, con 1.625.000 warrant già esercitati a $0,06 durante il primo anno. Se approvati, le nuove date di scadenza saranno il 3 novembre e il 29 novembre 2025.

Portofino Resources (TSXV: POR) (OTC: PFFOF) está buscando la aprobación de la Bolsa de Valores de TSX Venture para una extensión de un año de 21,875,000 garantías de compra de acciones ordinarias. Las garantías, que se pueden ejercer a $0.10, incluyen 13,000,000 garantías que expiran el 3 de noviembre de 2024 y 8,875,000 garantías que expiran el 29 de noviembre de 2024. Estas garantías se emitieron originalmente como parte de una colocación privada no mediada de 23,500,000 unidades a un precio de $0.04/unidad, con 1,625,000 garantías que fueron ejercidas anteriormente a $0.06 durante el primer año. Si se aprueban, las nuevas fechas de vencimiento serán el 3 de noviembre y el 29 de noviembre de 2025.

포르토피노 리소스 (TSXV: POR) (OTC: PFFOF)는 21,875,000개의 보통주 매수 권리 증서에 대한 1년 연장을 TSX 벤처 거래소의 승인을 요청하고 있습니다. 이 권리는 $0.10에 행사할 수 있으며, 13,000,000개의 권리는 2024년 11월 3일에 만료되고, 8,875,000개의 권리는 2024년 11월 29일에 만료됩니다. 이 권리는 원래 $0.04/단위의 가격으로 23,500,000개 유닛의 비중개 사모 발행의 일환으로 발행된 것이며, 첫 해 동안에 $0.06에 1,625,000개의 권리가 이미 행사되었습니다. 승인될 경우, 새로운 만기일은 2025년 11월 3일과 11월 29일이 됩니다.

Portofino Resources (TSXV: POR) (OTC: PFFOF) demande l'approbation de la Bourse de TSX Venture pour une extension d'un an de 21 875 000 bons de souscription d'actions ordinaires. Les bons, exerçables à 0,10 $, comprennent 13 000 000 bons expirant le 3 novembre 2024 et 8 875 000 bons expirant le 29 novembre 2024. Ces bons ont été initialement émis dans le cadre d'un placement privé non médié parrainé de 23 500 000 unités au prix de 0,04 $/unité, avec 1 625 000 bons précédemment exercés à 0,06 $ au cours de la première année. Si approuvées, les nouvelles dates d'expiration seront le 3 novembre et le 29 novembre 2025.

Portofino Resources (TSXV: POR) (OTC: PFFOF) beantragt die Genehmigung der TSX Venture Exchange für eine einjährige Verlängerung von 21.875.000 Stücken von Bezugsrechten auf Stammaktien. Die Rechte, die zu $0,10 ausgeübt werden können, umfassen 13.000.000 Rechte, die am 3. November 2024 ablaufen, sowie 8.875.000 Rechte, die am 29. November 2024 ablaufen. Diese Rechte wurden ursprünglich im Rahmen einer nicht vermittelten Privatplatzierung von 23.500.000 Einheiten zum Preis von $0,04/Einh. ausgegeben, wobei im ersten Jahr bereits 1.625.000 Rechte zu $0,06 ausgeübt wurden. Wenn genehmigt, werden die neuen Fälligkeitstermine der 3. November und der 29. November 2025 sein.

Positive
  • None.
Negative
  • Warrant extension request indicates potential challenges in raising capital at current price levels
  • Original warrants priced at significant discount ($0.04/Unit) to warrant exercise price ($0.10)

Vancouver, British Columbia--(Newsfile Corp. - October 24, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is applying to the TSX Venture Exchange for a one-year extension of 21,875,000 common share purchase warrants exercisable at $0.10. 13,000,000 warrants are set to expire on November 03rd, 2024 and 8,875,000 warrants set to expire on November 29th, 2024.

Both sets of warrants are currently exercisable into common shares of the Company at a price of $0.10 per share and were issued pursuant to a non-brokered private placement priced at $.04/Unit consisting of a total 23,500,000 Units. The Units were comprised of one common share and one warrant, the warrants being exercisable at $0.06 in year one and $0.10 in year two. 1,625,000 warrants were previously exercised during the first year at $0.06.

The 23,500,000 Unit financing consisted of a first tranche of 13,700,000 Units which closed on Nov. 03, 2022, and a 2nd tranche of 9,800,000 Units which closed on November 29, 2022.

Subject to TSX Venture Exchange acceptance, the warrants will have respectively amended expiry dates of November 03, 2025, and November 29, 2025. All other terms and conditions of the warrants, including the exercise price, remain the same.

About Portofino Resources Inc.

Portofino is a Vancouver, Canada-based company focused on exploring and developing mineral resource projects in the Americas. Portofino holds a 100% interest in the (drill ready) Yergo Lithium Project in Catamarca and additionally has the right to earn an interest in the (drill ready) Arizaro Lithium Project located in Salta, Argentina. Both projects are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects.

The Company also holds a 100% interest in several exploration projects located within northwestern Ontario, Canada, including the drill-ready, South of Otter, Red Lake gold project, the Gold Creek, Thunder Bay project which has been optioned to Delta Resources Limited., and the Allison Lake North project.

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 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 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 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 statements, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227766

FAQ

What is the new expiry date for Portofino Resources (PFFOF) warrants if extension is approved?

If approved by TSX Venture Exchange, the warrants will expire on November 03, 2025, and November 29, 2025, respectively.

How many warrants is Portofino Resources (PFFOF) seeking to extend?

Portofino Resources is seeking to extend 21,875,000 common share purchase warrants exercisable at $0.10.

What was the original price of the Units in Portofino Resources (PFFOF) private placement?

The original Units were priced at $0.04 each, consisting of one common share and one warrant.

PORTOFINO RESOURCES INC

OTC:PFFOF

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