Pinnacle Mines Ltd. - $2.5 million private placement

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[{"type":"text","content":"\n\n\n\nTrading Symbols: TSX.V-PNL\nand O7M - Frankfurt Stock Exchange\n\n\nVANCOUVER, Dec. 11 /CNW/ - Pinnacle Mines Ltd. ("Pinnacle") reports that,\nsubject to regulatory approval, it intends to complete up to a $2,500,000\nnon-brokered private placement. The placement will consist of up to 45,454,545\nunits of Pinnacle at a price of $0.055 per Unit, each Unit consisting of one\ncommon share and one non-transferable share purchase warrant (together, a\n"Unit"). Each warrant will entitle the holder to purchase, for a period of 24\nmonths from the closing date, an additional common share of Pinnacle at the\nprice of $0.07 per share for the first 12 months following the closing date\nand at an exercise price of $0.15 per share thereafter. Pinnacle will pay\nfinder's fees equal to 8% of the gross proceeds of the financing. The finder's\nfee will be payable in cash or shares or a combination of cash and shares.\n\n\nThe placement is subject to a number of conditions, including regulatory\nacceptance. The Units will be subject to a four-month hold period following\nthe closing. Proceeds of the financing will be used for exploration and\ndevelopment of Pinnacle's existing property interests, potential acquisitions\nand for working capital.\n\n\nPinnacle Mines Ltd. is a Canadian based mineral exploration company with\nassets in Canada and Mexico. In Canada, Pinnacle holds several properties in\nNorthwestern British Columbia in proximity to numerous past and producing gold\nmines including the Silbak-Premier Mine and Barrick Gold's famed Eskay Creek\nMine.\n\n\n"Paul Saxton"\n\n\nPresident & CEO\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or the accuracy of the content of this\nnews release.\n\n\n%SEDAR: 00005272E\n\n\n","length":1946,"tagName":"div"}]

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