$2.5 MILLION PRIVATE PLACEMENT
Vancouver, BC Pinnacle Mines Ltd. ("Pinnacle") reports that, subject to regulatory approval, it intends to complete up to a $2,500,000 non-brokered private placement. The placement will consist of up to 45,454,545 units of Pinnacle at a price of $0.055 per Unit, each Unit consisting of one common share and one non-transferable share purchase warrant (together, a "Unit"). Each warrant will entitle the holder to purchase, for a period of 24 months from the closing date, an additional common share of Pinnacle at the price of $0.07 per share for the first 12 months following the closing date and at an exercise price of $0.15 per share thereafter. Pinnacle will pay finder's fees equal to 8% of the gross proceeds of the financing. The finder's fee will be payable in cash or shares or a combination of cash and shares.
The placement is subject to a number of conditions, including regulatory acceptance. The Units will be subject to a four-month hold period following the closing. Proceeds of the financing will be used for exploration and development of Pinnacle's existing property interests, potential acquisitions and for working capital.
Pinnacle Mines Ltd. is a Canadian based mineral exploration company with assets in Canada and Mexico. In Canada, Pinnacle holds several properties in Northwestern British Columbia in proximity to numerous past and producing gold mines including the Silbak-Premier Mine and Barrick Gold’s famed Eskay Creek Mine.
For further information about this news release call 604-688-7377 or visit Pinnacle’s website at www.pinnaclemines.com.
“Paul Saxton”
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of the content of this news release.