Pinnacle Silver and Gold Corp. (PINN) has received TSXV approval to extend the closing date of its non-brokered private placement to September 26, 2026.
The offering, first announced on July 13, comprises up to 20 million units priced at $0.11 each. Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable at $0.16 per share for 24 months from issuance.
Pinnacle has already completed a first tranche of 5.928 million units for gross proceeds of $652,080 on August 7.
The net proceeds will be used to advance the company's high-grade El Potrero gold-silver project in Durango, Mexico, fund project evaluations and support general working capital.
El Potrero is located in Mexico's Sierra Madre Occidental, within 35 kilometres of four operating mines, including Fresnillo's 4,000-tonne-per-day Ciénega mine, Luca Mining's 1,000-tonne-per-day Tahuehueto mine and Guanajuato Silver's 250-tonne-per-day Topia mine.
The property hosts high-grade gold-silver mineralization within a low-sulphidation epithermal breccia vein system and contains three historic mines along a 500-metre strike.
The property has been privately held for almost 40 years and has never been systematically explored using modern methods, leaving scope for further exploration.
A previously operational 100-tonne-per-day plant could be refurbished or rebuilt, while historic underground workings could be rehabilitated to support potential near-term production once permits are secured. The property is road accessible, with a power line located within three kilometres.
Pinnacle will earn an initial 50% interest upon commencing production. The company intends to use project cash flow to further develop El Potrero and increase its ownership to 100%, subject to a 2% net smelter return royalty.
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The extension gives Pinnacle another month to complete its financing, with the company already having raised $652,080 through the first tranche. The funding is aimed at advancing El Potrero toward potential near-term production while limiting reliance on further equity financing to fund the project's development.