Entrée Gold Inc. (TSX: ETG; NYSE MKT: EGI; FRANKFURT: EKA) has closed the first of two tranches of previously announced non-brokered private placement. The company raised CDN $7,097,088 through the issuance 17,309,971 units at a price of CDN $0.41 per unit. A second tranche of 1,219,513 units is expected to close on or around January 16, 2017.
Vancouver based Entrée Gold intends to use net proceeds to support the restructuring of its business into two well-funded, separate publicly traded companies, for the advancement of its flagship assets in Mongolia and Nevada, and for general corporate purposes.
Entrée’s principal assets include a 20% carried joint venture interest in two of the copper-gold deposits at the world class Oyu Tolgoi project in Mongolia, 100%-ownership of the Ann Mason copper-molybdenum project in the Yerington District of Nevada, and the exploration stage Lordsburg porphyry copper-gold project in New Mexico.
photo credit: Entrée Gold