08:36 AM EDT, 09/04/2024 (MT Newswires) -- P2 Gold ( PGLDF ) said Wednesday that it is increasing the size of its previously announced private placement to $900,000 from $500,000.

The company said it has closed the first tranche of the offering for $250,000.

The upsized financing comprises 18 million units priced at $0.05 per unit. Each unit consists of one share and one warrant. Each warrant can be exercised for $0.10 per share for two years.

P2 Gold ( PGLDF ) said it will use the proceeds to fund exploration expenditures and for general corporate purposes. The company is advancing the Gabbs gold-copper project in Nevada.