Pinnacle Silver and Gold (PINN ) has closed the first tranche of the non-brokered private placement announced on 13th July 2026 for gross proceeds of $652,080.
The first tranche consisted of just under six million units, with each unit, priced at $0.11, comprising one share and half a warrant.
Each whole warrant is convertible at an exercise price of $0.16 for a period of 24 months from the date of issuance.
Finders' fees, consisting of $7,524 in cash commission and 68,400 non-transferable finders' warrants were paid in connection with the 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.
Insiders of the company participated in this first tranche, subscribing for a total of 1.65 million units for gross proceeds of $181,500.
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.
Pinnacle will earn an initial 50% interest immediately upon commencing production.
The goal would then be to generate sufficient cash flow with which to further develop the project and increase the company’s ownership to 100%, subject to a 2% NSR.
View from Vox
Pinnacle’s drill programme at El Potrero is ongoing, and the results will make interesting reading once they are issued. The property is highly prospective, with plenty of high grade mineralisation to go around. The money will help the company push on with further delineation work, and should help accelerate progress towards a potential production decision.