08:15 AM EDT, 09/30/2025 (MT Newswires) -- P2 Gold ( PGLDF ) overnight Monday said it has closed the second tranche of its private placement, raising $5 million. The company issued 25 million units at $0.20 apiece.

The first tranche, which closed Sept. 18, consisted of 30 million units, and raised $6 million.

Each unit consists of one share and one two-year warrant to buy a share at $0.30 each.

Proceeds will be used to fund the Gabbs project in Nevada through the feasibility stage.

"With infill and expansion drilling expected to kick off in October, we will push hard to achieve our milestones to production," said Joe Ovsenek, president & chief executive officer.