Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF) said it has closed a first tranche of a non-brokered private placement, raising gross proceeds of about C$1.07 million to fund work at its El Potrero gold-silver project in Mexico.
The Vancouver-based explorer said on Thursday the first tranche comprised about 7.27 million units priced at C$0.14 each. Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable at C$0.20 for a period of 24 months.
The company said it paid finders’ fees of C$2,940 in cash and issued 21,000 non-transferable finders’ warrants, each exercisable at C$0.20 per share over 24 months.
Pinnacle said the net proceeds will be used to advance the high-grade El Potrero project in Durango, Mexico, including project evaluations, as well as for general working capital.
Company insiders participated in the first tranche, subscribing for 600,000 units for gross proceeds of C$84,000, Pinnacle added.
The company said it expects to complete the second and final tranche of the financing by January 30, 2026.