Portofino Resources Inc (OTCMKTS:PFFOF) Stock Continues to Trade Higher: Up 15% in a Week
Shares of Portofino Resources Inc (OTCMKTS:PFFOF) continued to move higher on Monday, extending its weekly gains to 15%.
Market Stats
On Monday, PFFOF stock gained 7.06% at $0.1046 with more than 325.11K shares, compared to its average volume of 208.96K shares. The stock has moved within a range of $0.1020 – 0.1110 after opening the trade at $0.1040.
Increases and Closes $700k Private Placement
Vancouver-based Canadian company focusing on exploration and development of mineral resources in Americas, Portofino Resources Inc on November 1, 2021 announced increasing and closing non-brokered private placement of 700,000 gross proceeds priced at $0.09 per Common Share Unit.
Every unit comprises of a common share as well as one purchase warrant and every warrant has a term of 3 years from the date on start on the closing date. It will entitle the holder to buy one common share at price of $0.12 during the term.
Finders’ fee for financing comprises of $35,332 and 392,584 finders’ warrants. These are exercisable on same terms as subscribing investors. However, the final closing will be subjected to TSX-V Exchange approval and any shares issued would be subjected to four-month hold period, which will be expiring in March 2022.
CEO of Portofino, David Tafel said that the closing of financing has now allowed the company to raise $1.35 million over last 2 weeks. Tafel added that the proposed drill program on Yergo, Argentina lithium project, will start during the month and can be expanded based on the initial results.
For the Yergo Lithium Project, Portofino has right to earn a 100% interest in the 2,932-hectare project encompassing the entire AparejosSalar, present in Argentina’s world-renowned “Lithium Triangle”.
Key Quote
David Tafel, Portofino’s CEO comments; “With the closing of this financing, we have been successful in raising $1.35 million over the last 2 weeks. Our proposed drill program on the Yergo, Argentina lithium project, anticipated to commence this month, is now fully funded and subject to initial results, can be expanded.”
Traders Corner
PFFOF stock is trading above the 20-Day and 50-Day Moving averages of $0.09 and $0.08 respectively. Moreover, the stock is trading above 200-Day moving average of $0.08. The stock is up 69% in the past month.
