Pinnacle Silver and Gold (PINN) has closed the first tranche of the non-brokered private placement that it announced on 25 November 2025, realising gross proceeds of just over C$1 million.
The first tranche consisted of 7,268,171 units, with each unit, priced at C$0.14, comprising one share and one half-share purchase warrant.
Each whole warrant is convertible at an exercise price of C$0.20, valid for a period of 24 months from the date of issuance.
Finders' fees consisting of $2,940 in cash commission and 21,000 non-transferable finders' warrants were paid in connection with the offering.
The net proceeds raised will be used to advance the high-grade El Potrero gold-silver project in Durango, Mexico, for project evaluations, and for general working capital.
The company expects to complete the second and final tranche of the offering by 30 January 2026.
El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four operating mines, including the 4,000 tonnes per day Ciénega mine, the 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine.
View from Vox
Good to see Pinnacle building up a warchest ahead of its planned underground drilling programme next year. There’s a lot on offer already at El Potrero, and a lot that remains to be found out. When the drills do start to turn, it will be a pivotal moment for the company.