(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA, May 29, 2024 – TheNewswire – (TSXV:PINN, OTC: NRGOF, Frankfurt: X6C) – Pinnacle Silver and GoldCorp. (" Pinnacle " or the“ Company ") announces that it has closedits previously announced (April 12, 2024) non-brokered privateplacement (the “Offering”). The placement consists of 17,333,333units (the "Units") with each Unit comprising one commonshare (“Share”) in the capital of the Company and one-half sharepurchase warrant ("Warrant"), for gross proceeds of$520,000. Each whole Warrant shall be convertible into an additionalShare at an exercise price of $0.05 for a period of 24 months from thedate of issuance.
Finder’s fees of 6% in cash and 6% in warrantsexercisable into Shares at $0.05 for a period of 24 months have alsobeen paid as to $7,650 and 255,000 warrants. The names of theFinders receiving fees are Canaccord Genuity Corp., Research CapitalCorporation, CM-Equity AG and MB and Partner.
Net proceeds raised from the Offering will be used forthe preparation of summer drilling at the Argosy Gold Mine and NorthBirch Project, new project evaluations and general working capital.
All securities to be issued will be subject to afour-month hold period from the date of issuance and subject to TSXVenture Exchange approval. The securities offered have not beenregistered under the UnitedStates Securities Act of 1933 , as amended, andmay not be offered or sold in the United States absent registration oran applicable exemption from the registration requirements.
Insiders subscribed for an aggregate of3,033,333 Units for a total of $91,000. As insiders of Pinnacleparticipated in the financing, it is deemed to be a “related partytransaction” within the meaning of Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions (“MI61- 101”). Pinnacle is relying on the exemptions from the formalvaluation and minority approval requirements contained in Sections5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair marketvalue of the transaction does not exceed 25% of the Company’s marketcapitalization. The Company will be filing a material change reportin respect of the related party transaction on SEDAR.
AboutPinnacle Silver and Gold Corp.
Pinnacle is currently focused on district-scale explorationfor precious metals in the prolific Red Lake District of northwesternOntario. The past-producing high-grade Argosy Gold Mine is open todepth, while the adjacent North Birch Project offers additionalblue-sky potential. Pinnacle is also activelylooking for other district-scale opportunities in the Americas, with aparticular focus on silver and gold. With a seasoned, highlysuccessful management team and quality projects, Pinnacle Silver andGold is committed to building long term, sustainable value forshareholders.
Signed: “Robert A. Archer”
President & CEO
Forfurther information contact :
Email: info@pinnaclesilverandgold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.pinnaclesilverandgold.com
Neither the TSXVenture Exchange nor the Investment Industry Regulatory Organizationof Canada accepts responsibility for the adequacy or accuracy of thisrelease .
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