Portage Minerals Inc.

Portage Minerals Inc.

August 19, 2011 08:00 ET

Portage Minerals Inc. Announces Proposed Private Placement of Up to $3 Million

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Aug. 19, 2011) - Portage Minerals Inc. ("Portage" or the "Company") (CNSX:RKX) announced today that it will proceed with a non-brokered private placement of units ("Units") and flow-through units ("FT Units") for aggregate gross proceeds of up to $3 million. Each Unit shall be issued at $0.105 per Unit and shall consist of one common share (a "Common Share") in the capital of the Company and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share at a price of $0.23 for a period of three years, subject to a right of acceleration of the Company under certain circumstances. Each FT Unit shall be issued at $0.115 per FT Unit and shall consist of one flow-through Common Share (an "FT Share") and one-half of one FT Share purchase warrant (each whole FT Share purchase warrant, an "FT Warrant"). Each FT Warrant is exercisable to acquire one FT Share at a price of $0.24 for a period of three years, subject to the Company's right of acceleration under certain circumstances. The non-brokered private placement is expected to close in tranches within the next 21 days.

Completion of the private placement is subject to regulatory approval, including satisfaction of the requirements of the Canadian National Stock Exchange ("CNSX").

The Company also announced today that the private placement announced on May 12th, 2011 and amended on June 30th, 2011 has been cancelled.

About Portage

Portage Minerals Inc. is a mineral exploration corporation exploring for gold in Eastern Canada. Further information about Portage can be accessed on the Company's website at www.portagemineralsinc.com and on the SEDAR website at www.sedar.com. The common shares of Portage are listed on the CNSX as a mining issuer under the trading symbol "RKX".

To receive Company news releases via e-mail, please advise lauren@chfir.com and specify "Portage News" in the subject line.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. This forward-looking information includes, among others, statements regarding the private placement, exploration expenditures and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this press release. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Portage and described in the forward-looking information contained in this press release. Undue reliance should not be placed on forward- looking information. The forward-looking statements contained in this news release are made as of the date hereof and Portage undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

CNSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Portage Minerals Inc.
    Ken Hight
    President and CEO
    (506) 529-8206
    (506) 529-8595 (FAX)

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 x228
    (416) 868-6198 (FAX)