Portage Minerals Inc.

Portage Minerals Inc.

July 08, 2010 12:11 ET

Portage Completes Private Placement

TORONTO, ONTARIO--(Marketwire - July 8, 2010) - Portage Minerals Inc. ("Portage") is pleased to announce that it has completed a private placement with Petrodex Inc. ("Petrodex") consisting of 4,150,000 common shares ("Common Shares") of the Company at a price of $0.10 per Common Share for aggregate gross proceeds of $415,000.

Following the acquisition, Petrodex, directly and indirectly, owns or controls an aggregate of 4,150,000 common shares of Portage, representing approximately 32.28% of the issued and outstanding common shares of Portage.

Petrodex has acquired the above-noted shares of Portage for investment purposes and it may, depending on market and other conditions, increase its beneficial ownership, control or direction over the common shares or other securities of Portage, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

The proceeds of the financing will be used for general working capital purposes. 

The securities issued are subject to a four month hold period from the date of issuance.

Shares Outstanding: 11,763,308

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