Written by Press Release on 16 May 2011
VANCOUVER, BC – Entourage Metals Ltd. (TSX-V: 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.
MORE INFO
Review details on Entourage Metals portfolio at the Company’s website.
Entourage Metals expands Land Position in Hemlo Greenstone Belt (May 5, 2011)
Entourage Metals Acquires Black Raven Property near Marathon (March 2011)
Entourage Metals Ltd. Announces Closing of Its Fully Subscribed Initial Public Offering (Feb 2011)
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