Portofino Proposes to Issue Shares for Debt

Debt Settlement and Share Issuance - The company executed agreements with creditors to settle $205,000 in outstanding debt by issuing 20,500,000 common share units valued at $0.01 per unit [1] - Each unit comprises 1 share and ½ warrant, with a full warrant convertible into 1 share at $0.05/share for 2 years from closing [1] - The share-for-debt transactions are subject to TSX Venture Exchange approval [1] Company Overview and Projects - Portofino Resources Inc is a Vancouver-based company focused on exploring and developing mineral resource projects in the Americas [2] - The company holds a 100% interest in the Yergo Lithium Project in Catamarca, Argentina, and has an option to earn an interest in the Arizaro Lithium Project in Salta, Argentina [2] - Both lithium projects are located in the Argentine Lithium Triangle, near multiple world-class lithium projects [2] - The company also holds a 100% interest in several exploration projects in northwestern Ontario, Canada, including the South of Otter, Red Lake gold project, the Gold Creek, Thunder Bay project, and the Allison Lake North project [3] Leadership and Governance - David G Tafel serves as the Chief Executive Officer of the company [4]