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Portofino Resources (TSXV: POR) (OTC Pink: PFFOF) has announced plans to settle outstanding debt through a shares-for-debt arrangement. The company has executed agreements with arms-length creditors to settle up to $205,000 in debt by issuing 20,500,000 common share Units at $0.01 per Unit.
Each Unit will consist of one share and one-half warrant, with a full warrant being convertible into one share at $0.05 per share for a two-year period from closing. The transaction requires TSX Venture Exchange approval to proceed.
Portofino Resources (TSXV: POR) (OTC Pink: PFFOF) ha annunciato piani per risolvere debiti pendenti attraverso un accordo di conversione di debito in azioni. L’azienda ha stipulato accordi con creditori indipendenti per risolvere fino a $205,000 di debito emettendo 20.500.000 Unità di azioni ordinarie a $0,01 per Unità.
Ogni Unità consisterà in un’azione e mezza opzione, con un’opzione completa convertibile in un’azione a $0,05 per azione per un periodo di due anni dalla chiusura. La transazione richiede l’approvazione del TSX Venture Exchange per procedere.
Portofino Resources (TSXV: POR) (OTC Pink: PFFOF) ha anunciado planes para saldar deudas pendientes a través de un acuerdo de acciones por deuda. La compañía ha firmado acuerdos con acreedores independientes para saldar hasta $205,000 en deuda emitiendo 20,500,000 Unidades de acciones comunes a $0.01 por Unidad.
Cada Unidad consistirá en una acción y media opción, con una opción completa convertible en una acción a $0.05 por acción durante un período de dos años a partir del cierre. La transacción requiere la aprobación de la TSX Venture Exchange para proceder.
포르토피노 리소스 (TSXV: POR) (OTC Pink: PFFOF)는 주식으로 부채를 상환할 계획을 발표했습니다. 회사는 독립적인 채권자와 계약을 체결하여 $205,000의 부채를 20,500,000 보통주 유닛을 주당 $0.01로 발행하여 정산할 예정입니다.
각 유닛은 한 주식과 반 개의 워런트로 구성되며, 전체 워런트는 종료 후 2년간 주당 $0.05로 한 주식으로 전환될 수 있습니다. 이 거래는 진행을 위해 TSX 벤처 거래소의 승인이 필요합니다.
Portofino Resources (TSXV: POR) (OTC Pink: PFFOF) a annoncé des plans pour régler des dettes en attente par un accord d’échange de dettes contre des actions. L’entreprise a conclu des accords avec des créanciers indépendants pour régler jusqu’à $205,000 de dettes en émettant 20,500,000 unités d’actions ordinaires au prix de $0,01 par unité.
Chaque unité comprendra une action et une demi-option, l’option entière étant convertible en une action à $0,05 par action pendant une période de deux ans à partir de la clôture. La transaction nécessite l’approbation de la TSX Venture Exchange pour procéder.
Portofino Resources (TSXV: POR) (OTC Pink: PFFOF) hat Pläne angekündigt, ausstehende Schulden durch einen Schulden-zu-Aktien-Vereinbarung zu begleichen. Das Unternehmen hat Vereinbarungen mit unabhängigen Gläubigern getroffen, um bis zu $205,000 an Schulden durch die Ausgabe von 20.500.000 Stammaktien-Einheiten zu einem Preis von $0,01 pro Einheit zu begleichen.
Jede Einheit besteht aus einer Aktie und einer halben Optionsschein, wobei ein vollständiger Optionsschein innerhalb von zwei Jahren nach Abschluss in eine Aktie zu einem Preis von $0,05 pro Aktie umwandelbar ist. Die Transaktion erfordert die Genehmigung der TSX Venture Exchange, um fortzufahren.
Positive
- Debt reduction of $205,000 without cash expenditure
- Two-year warrant conversion period provides future financing flexibility
Negative
- Significant shareholder dilution through issuance of 20.5M new shares
- Additional potential dilution from warrant conversion at $0.05/share
- Low unit price of $0.01 indicates challenging financial position
Vancouver, British Columbia–(Newsfile Corp. – January 24, 2025) – Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) (“Portofino” or the “Company“) reports that it executed agreements with various (arms-length) creditors to settle up to $205,000 in outstanding debt by issuing 20,500,000 common share Units valued at $0.01 per Unit. Each Unit comprises 1 share and ½ warrant; a full warrant will be convertible into 1 share at $.05/share for 2 years from closing. The share for debt transactions are subject to TSX Venture Exchange approval.
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 option to earn an interest in the Arizaro Lithium Project located in Salta, Argentina. The 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
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/238413
FAQ
How much debt is Portofino Resources (PFFOF) settling through share issuance in January 2024?
Portofino Resources is settling $205,000 in outstanding debt through the issuance of 20,500,000 common share Units.
What is the price per Unit for Portofino’s (PFFOF) debt settlement shares?
The Units are valued at $0.01 per Unit in the debt settlement arrangement.
What are the warrant terms in Portofino’s (PFFOF) shares for debt agreement?
Each Unit includes half a warrant, with a full warrant convertible into one share at $0.05 per share for 2 years from closing.
How many new shares will Portofino Resources (PFFOF) issue for the debt settlement?
Portofino Resources will issue 20,500,000 common share Units for the debt settlement.
