Pinnacle Silver and Gold (PINN ) has closed a second and final tranche of the non-brokered private placement first announced on July 17, 2026.
The company issued just over nine million units at a price of $0.11 per unit for gross proceeds of a little over $1 million.
With the completion of this tranche, the total raised in the offering amounts to just over $1.65 million.
Each unit comprises one common share one-half share purchase warrant, where each whole is convertible at an exercise price of $0.16 for a period of 24 months.
Finders' fees consisting of $7,524.00 in cash commission and 68,400 non-transferable finders' warrants were paid in connection with the whole offering.
The net proceeds will be used to advance the high-grade El Potrero gold-silver project in Durango, Mexico, for project evaluations, and for general working capital.
El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four well-known operating mines, including Topia, which the Pinnacle management is very familiar with.
High-grade gold-silver mineralization at El Potrero occurs in a low sulphidation epithermal breccia vein system hosted within andesites of the Lower Volcanic Series and hosts three historic mines along a 500 metre strike length.
View from Vox
Pinnacle has made significant progress at El Potrero so far in 2026, and this new money will take it closer to production. There’s definitely gold there in good grades. It remains to be seen how much, but drilling should give us more of an insight soon.