Pinnacle Completes Private Placement of Units

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[{"type":"text","content":"\n\n\n\nTrading Symbols: TSX.V:PNL\n\n\nVANCOUVER, Dec. 19 /CNW/ - Pinnacle Mines Ltd. ("Pinnacle" or the\n"Company") is pleased to announce that it has closed a non-brokered private\nplacement (the "Private Placement") of 45,000,000 units at a price of $0.055\nper unit (the "Unit"), for gross proceeds of $2,475,000 on December 18, 2008\n(the "Closing"). Each Unit consists of one common share of the Company (the\n"Share") and one Share purchase warrant (the "Warrant"). Each Warrant entitles\nthe holder to purchase one additional Share (a "Warrant Share") of the Company\nat a price of $0.07 per Warrant Share during the first year and $0.15 per\nWarrant Share during the second year from the date of issuance. The proceeds\nfrom the Private Placement will be used for exploration and development of the\nCompany's mineral properties, potential acquisitions as well as general\nworking capital.\n\n\nUpon Closing, the Company paid a finder's fee of $198,000 to Baron Global\nFinancial Canada Ltd., equaling 8% of the gross proceeds of the Private\nPlacement, of which $44,000 was paid in cash and $154,000 was paid in common\nshares (the "Finder Shares"). The Finder Shares are priced at $0.055 per\nFinder Share and a total of 2,800,000 Finder Shares were issued.\n\n\nThe Units and Finder Shares are subject to a four-month hold period that\nexpires on April 19, 2009.\n\n\nFollowing the Closing, Robert Wolfe was appointed as a director and\nHerrick Lau was appointed Chief Financial Officer of the Company. The\nappointment of Herrick Lau follows the departure of Mr. Gerald Sneddon as\nacting CFO who remains as a director of the Company.\n\n\nRobert Wolfe, Director\n\n\nRobert Wolfe earned a BSc. degree in physics and geology from the\nUniversity of Alberta and took another year of geology at the University of\nBritish Columbia. He has been involved in numerous exploration projects for\nover 30 years. Before his retirement in 1992 he was a founding director and\nvice president of Polestar Resources Inc., a company based in Vancouver, BC.\n\n\nHerrick Lau, CFO\n\n\nMr. Lau is the Vice President, Corporate Finance of Baron Global\nFinancial Canada Ltd. with prior experience as CFO of various listed companies\nand 15 years of experience in the investment banki...

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