Entourage Metals Closes $1 Million Private Placement with Kinross Gold
16 5월 2011 - 10:00PM
Marketwired
Entourage Metals Ltd. (TSX VENTURE: EMT) (the "Company") announces
that further to its news release dated May 9th, 2011, the Company
has closed its non-brokered private placement of 1,550,000 common
shares at a price of $0.65 per share for proceeds of $1,007,500.
All securities distributed under the private placement are subject
to a four-month hold period expiring Sept. 12, 2011. No finders
fees were paid in connection with this financing.
Kinross Gold Corporation subscribed for all 1,550,000 shares,
which represents approximately 6.9% of the Company's issued and
outstanding shares. Entourage has agreed to grant Kinross an
anti-dilution right to maintain a 5% share ownership during future
financings.
The Company intends to use proceeds from the private placement
to advance the Company's projects in Ontario, and for general
working capital.
Entourage Metals has active mineral projects in the Hemlo
Greenstone Belt in Ontario. Details on Entourage Metals' portfolio
can be reviewed at the Company's website at
www.entouragemetals.com.
Cautionary Notice: This release may contain forward-looking
statements or forward-looking information regarding the Company's
business or financial condition, including the proposed completion
of private placements, anticipated regulatory approvals, the
intended use of proceeds and exploration programs. Actual results
could differ materially from those described in this release as a
result of many factors, including without limitation the timing,
results and success of exploration and development programs,
financial arrangements and the ability to obtain financing,
developments in global resource markets, the timing of regulatory
and environmental approvals and other factors. Forward-looking
statements are made in the context of information available as of
the date stated. The Company undertakes no obligations to update or
revise such statements to reflect new circumstances or
unanticipated events as they occur, unless required by applicable
law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Entourage Metals Ltd. Jeff Sundar President
604-484-7855 js@entourageminerals.com www.entouragemetals.com
Entourage Metals Ltd. (TSXV:EMT)
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