Vancouver, British Columbia – PORTOFINO RESOURCES INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) has been making strategic moves to bolster its position in the metals and mining industry, with the latest announcement of its Advisory Board Implementation, Options Grants, and the closing of a $538,000 Financing.
Advisory Board Implementation and Appointments
Portofino has announced the creation of a new Advisory Board and the appointment of two esteemed executives, Mr. Alex Molyneux and Mr. Blake Steele. Both individuals have a strong background in the metals and mining industry and have been instrumental in developing critical and energy metal projects globally.
Mr. Alexander Molyneux
Mr. Molyneux brings a wealth of 25 years of experience to Portofino. He has previously served as Chairman of ASX-listed Argosy Minerals Ltd. (2018 – 2022), where he spearheaded the Rincon Lithium Project in Salta Province, Argentina. He completed three years as CEO of Paladin Energy Ltd., one of the world’s largest uranium companies, and was also the Founder and Executive Chairman of Azarga Uranium Corp. Mr. Molyneux’s prior roles include leadership positions within the Ivanhoe Mines Group and Head of Metals and Mining Investment Banking, Asia Pacific for Citigroup.
Mr. Blake Steele
Mr. Steele is another seasoned executive with extensive knowledge across public companies and capital markets. He has served as President and CEO of Azarga Uranium Corp., helping grow the company into an advanced stage multi-asset organization. His career includes working at SouthGobi Resources Ltd. and Deloitte & Touche, and he holds prestigious designations like Chartered Professional Accountant and Chartered Business Valuator in Canada. Mr. Steele’s education includes a Bachelor of Commerce (Hons) degree from the UBC Sauder School of Business.
Mr. David Tafel, CEO of Portofino, expressed his pleasure at welcoming these executives, citing their success in financing and developing projects around the world.
Share Options Grant
Portofino also announced the grant of options to purchase an aggregate of 6.5 million common shares to certain directors, officers, employees, and consultants of the Company. Each option is exercisable into one common share at a price of $0.05 and will expire five years from the grant date, subject to certain vesting conditions.
Closing of $538,000 Financing
The Company has successfully closed a non-brokered private placement financing in the amount of $538,000 priced at $0.04 per Unit. This financing includes 13,450,000 Units, each consisting of one common share and one share purchase warrant, valid for 36 months, with an exercise price of $0.06. The proceeds from the financing will be directed mainly towards exploration-related activities on Portofino’s lithium projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on exploring and developing mineral resource projects in the Americas. The Company’s portfolio includes several lithium projects in Salta, Argentina, and the Yergo Lithium property in Catamarca, in addition to gold projects in Ontario, Canada. Portofino’s dedication to innovation and growth within the mining industry is evidenced by their recent appointments and strategic financial moves.