Junior corporate roundup: Rio2, Riverside, Lake, Portofino

Rio2 plans to increase the size of a previously announced non-brokered private placement to Cdn$7mn (US$5.3mn) from Cdn5mn.

Proceeds will be used to complete an updated resource estimate for the Fénix gold project in Chile.

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Riverside Resources increased the size of a previously announced non-brokered private placement to Cdn$2.3mn from Cdn$1.5mn.

Proceeds will be used for drilling at the Cecilia gold project in Mexico, for additional project acquisitions and further target refinement on existing projects to advance toward new partnerships.

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Lake Resources announced a A$1.65mn (US$1.18mn) financing deal with an unnamed North American investor.

The package was completed via the issue of unsecured convertible securities. Lake has the option to increase the size to A$5mn.

Initial funds will be used to advance a PFS at Kachi and accelerating drilling at Cauchari, both lithium projects in Argentina, and for working capital.

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Portofino Resources executed an agreement to acquire a 100% interest in the Yergo lithium brine salar project in Catamarca, Argentina.

Under the deal, with a private Argentine concession owner, Portofino will make staged payments totaling US$370,000.