08:21 AM EDT, 09/19/2025 (MT Newswires) -- P2 Gold ( PGLDF ) overnight Thursday said it closed the first tranche of its C$11 million non-brokered private placement, raising about $5.99 million.

The private placement includes up to 55 million units priced at $0.20 each and the first tranche consisted of around 29.96 million units.

Each unit will include a share and a two-year warrant to purchase one additional share in the capital of the company at $0.30 each, provided that the warrants shall not be exercisable for a period of 60 days after the date of issue.

The company said it removed the acceleration provision from the warrant terms.

Insiders of the company subscribed for 500,000 units of the first tranche.

The proceeds of the offering will be used to fund exploration and development expenditures at the Gabbs Project in Nevada and for general corporate purposes.