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Entrée looking to raise C$7M to support restructuring, advance exploration

Entrée Gold Inc. is looking to raise up to C$7.0 million, which is expected to support the restructuring of the company into two separate, publicly traded companies.

The company plans to issue up to 17 million units at 41 cents apiece in a nonbrokered private placement, it said on Dec. 15.

Each unit will consist of 1 common share and 0.5 of a share purchase warrant, with each whole warrant exercisable to acquire 1 additional share at 65 cents apiece for a five-year period following issuance.

Proceeds will also be used for an exploration program designed to test several high-priority targets at the company's Ann Mason copper project in Nevada, and for general corporate purposes.

Closing of the financing is expected in the first half of January 2017.