Portofino Receives Approval for Extension of Warrants

Executive Summary

• The TSX Venture Exchange approved Portofino Resources’ application to extend two sets of common share purchase warrants for an additional two years.
• 13,000,000 warrants now expire on November 3, 2027 and 8,875,000 warrants expire on November 29, 2027, both exercisable at $0.10 per share.
• The extension maintains the original exercise price and terms from the private placement priced at $0.04 per unit.

Key Details

• Warrant Extension Approval: TSX Venture Exchange accepted the application for a two‑year extension of 21,875,000 warrants.
• Expiration Dates:
• 13,000,000 warrants – new expiration: Nov 3, 2027.
• 8,875,000 warrants – new expiration: Nov 29, 2027.
• Exercise Price: Remains unchanged at $0.10 per share for both warrant series.
• Original Placement Terms: Warrants were issued in a non‑brokered private placement at $0.04 per unit, with the first tranche closing on Nov 3, 2022 and the second tranche on Nov 29, 2022.
• No Change to Other Terms: All other conditions of the warrants (including conversion mechanics) stay the same.

Notable Quotes

“On behalf of the Board, we are pleased to secure this extension, which provides continued flexibility for our shareholders and supports our ongoing capital strategy.” – David G. Tafel, CEO & Director

The release contains forward‑looking statements; actual results may differ.