Portofino Resources Inc. (TSXV:POR) executed a binding agreement to acquire Rio Grande Sur Lithium Brine Project in Catamarca, Argentina from a private Argentine concession owner for $0.87 million on November 20, 2017. As part of the transaction, Portofino will pay $0.04 million on signing of the agreement and issuance of 0.12 million common shares upon exchange approval. By the first anniversary of the approval $0.08 million cash will be paid along with the issuance of 0.16 million common shares; by the second anniversary of the approval $0.12 million cash will be paid along with the issuance of 0.16 million common shares; by the third anniversary $0.24 million cash will be paid along with the issuance of 0.4 million common shares and finally on the fourth anniversary of the approval, 40.3 million cash will be paid. The transaction is subject to TSX-Venture Exchange approval. As of September 12, 2018, Portofino Resources amended the agreement to Rio Grande Sur Lithium Brine Project in Catamarca, Argentina. Pursuant to the new agreement, Portofino Resources paid $0.014 million upon signing of the agreement, issuance of 0.12 million shares upon TSX-V Exchange approval, cash payment of $0.08 million and issuance of 0.16 million shares on first anniversary of approval, cash payment of $0.12 million and issuance of 0.16 million shares on second anniversary of approval, cash payment of $0.24 million and issuance of 0.4 million shares on third anniversary of approval and cash payment of $0.3 million fourth anniversary of approval. The transaction remains subject to TSX-V exchange approval. Portofino Resources Inc. (TSXV:POR) cancelled the acquisition of Rio Grande Sur Lithium Brine Project in Catamarca, Argentina from a private Argentine concession owner on January 2, 2019.