Portofino Resources Inc. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 500,000 on February 17, 2023. Each unit consists of one common share and one common share warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.075 per share at any time within 3 years after closing. All securities to be issued in the transaction will be subject to a 4 month hold period. The transaction is subject to receipt of all TSX Venture Exchange approvals.

On the same date, the company amended the deal terms. The company announced that it will now issue 14,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 700,000.