Pinnacle Silver and Gold to raise up to C$2.2M in private placement

Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF, FRA:P9J) announced plans for a non-brokered backstage placement to rise gross proceeds of up to C$2.2 cardinal to money enactment astatine its El Potrero gold-silver task successful Mexico and for wide moving capital.

The offering volition dwell of up to 20 cardinal units priced astatine C$0.11 each. Each portion volition see 1 communal stock and one-half of 1 stock acquisition warrant. Each full warrant volition beryllium exercisable astatine C$0.16 per stock for a play of 24 months from the day of issuance.

Red Cloud Securities is acting arsenic a finder for the offering, and further finders' fees whitethorn besides beryllium paid. Each finder's warrant volition entitle the holder to get 1 communal stock astatine an workout terms of C$0.16 for a play of 24 months.

Company insiders are expected to enactment successful the financing. Pinnacle said the insider information volition represent a related-party transaction nether Multilateral Instrument 61-101 but volition beryllium exempt from ceremonial valuation and number shareholder support requirements due to the fact that the worth of the transaction does not transcend 25% of the company's marketplace capitalization, arsenic calculated nether the instrument.

Pinnacle said the nett proceeds volition beryllium utilized to beforehand its high-grade El Potrero gold-silver task successful Durango, Mexico, including task evaluations, arsenic good arsenic for wide moving superior purposes.

The institution said it expects the offering to adjacent connected oregon astir August 13, taxable to TSX Venture Exchange approval.