Pinnacle Silver and Gold (TSX-V:PINN) has closed the second and final tranche of its non-brokered private placement, raising approximately C$1 million ($1.01 million) in additional proceeds.
Under this tranche, the company issued a total of 9,096,132 units at C$0.11 per unit.
Together with the first tranche, Pinnacle issued a total of 15,024,132 units for gross proceeds of approximately C$1.65 million.
Each of the units comprise one common share of Pinnacle and one-half of a share purchase warrant. The warrants can be exercised at C$0.16 per share for 24 months.
Proceeds of the offering will be used to advance the high-grade El Potrero gold-silver project in Durango, Mexico.
According to Pinnacle, the property lies within 35km of four operating mines but has never been systematically explored by modern methods.
The company is currently refurbishing a 100-tonne-per-day plant on site as well as historic underground mine workings to achieve near-term production.
Pinnacle Silver and Gold is focused on the development of precious metals projects in the Americas.
Write to Jackson Chen at Mining.com.au
Main Image: Pinnacle Silver and Gold
