Pinnacle Silver and Gold closes first C$652,080 private placement tranche

Pinnacle Silver and Gold Corp. has closed the first tranche of a non-brokered private placement, raising C$652,080 ($660,809). The offering consisted of approximately 5.93 million units priced at C$0.11 each, with each unit including one common share and one-half of a share purchase warrant.

The company intends to use the proceeds to advance the El Potrero gold-silver project located in Durango, Mexico. The project is situated within the Sierra Madre Occidental mineral belt and is located near four existing producing mines. Pinnacle plans to refurbish an existing processing plant and rehabilitate historic mine workings, aiming to bring the project into production by 2027.

This first tranche is part of a larger planned placement of up to 20 million units, with total gross proceeds expected to reach C$2.2 million. Insiders participated in this initial tranche, subscribing for 1,650,000 units.