Business
Entree Gold Announces Spin-Out of U.S. Projects
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 28, 2017) - Entrée Gold Inc. ("Entrée or the "Company") (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) is pleased to an
About this update from Entree Resources Ltd
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 28, 2017) - Entrée Gold Inc. (\"Entrée or the \"Company\") (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) is pleased to announce that its Board of Directors (the \"Board\") has unanimously approved a strategic reorganization of its business (the \"Arrangement\"). Pursuant to the Arrangement, Entrée's Ann Mason and Lordsburg projects (the \"US Projects\") will be transferred to a newly incorporated company, Mason Resources Corp. (\"Mason\"). Shareholders of Entrée (\"Shareholders\") will receive common shares in Mason (\"Mason Common Shares\") in proportion to their shareholdings in Entrée. There will be no change to Shareholders' existing interests in Entrée. It is intended that, as part of the Arrangement, the Shareholders will receive Mason Common Shares by way of a share exchange, pursuant to which each existing share of Entrée (an \"Entrée Common Share\") is exchanged for one \"new\" share of Entrée and 0.45 of a Mason Common Share. Optionholders (\"Optionholders\") and warrantholders (\"Warrantholders\") of Entrée will receive replacement options and warrants of Entrée and options and warrants of Mason which are proportionate to, and reflective of the terms of, their existing options and warrants of Entrée. The reorganization will be effected by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the \"Plan of Arrangement\") and must be approved by the Supreme Court of British Columbia (the \"Court\") and by the affirmative vote of 66 2/3% of the Shareholders, as well as the Shareholders, Optionholders and Warrantholders (collectively, the \"Securityholders\") voting together as a single class. A meeting of Securityholders to approve, among other things, the Arrangement, will be held on May 1, 2017 (the \"Meeting\"). Once the Arrangement becomes effective, the result will be two separate and focused, well-capitalized entities, each with a high quality advanced project providing new and existing shareholders with optionality as to investment strategy and risk profile. Entrée currently has a treasury of approximately US$18.5 million, of which US$8.75 million will be transferred to Mason as part of the Arrangement. In the event that all outstanding warrants are exercised following the Arrangement, the two companies would receive up to an additional appro...