Business
Entree Gold Inc. Welcomes Shareholders of PacMag Metals
Entree Gold Inc. Welcomes Shareholders of PacMag Metals
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\n Jun. 30, 2010 (Canada NewsWire Group) -- Entrée Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - "Entrée" or the "Company") announces the closing of its acquisition of all issued shares and options of PacMag Metals Limited ("PacMag") pursuant to the Australian Schemes of Arrangement ("Schemes") announced November 29, 2009. Implementation of the Schemes was overwhelmingly supported by the Shareholders and Optionholders of PacMag on June 4, 2010 and final approval was granted by the Federal Court of Australia on June 15, 2010, with the Schemes becoming effective on June 16, 2010. All regulatory and administrative matters have been addressed and the transaction has closed as of June 30, 2010.\n"I wish to welcome the shareholders of PacMag to Entree and hope they continue to be part of Entrée's growth story. Growth will be fueled by the advancement of its world-class deposits in Mongolia, assisted by the company's partners Rio Tinto and Ivanhoe Mines. Entree will also strive to add value to its other holdings worldwide," said Greg Crowe, President and CEO of Entrée Gold. "I would also like to thank the directors, management and staff of PacMag for their dedication and support as we moved through this process and wish them much luck for the future."\nConsideration for the PacMag shares acquired are payable with a combination of Entrée shares and cash, with the cash consideration calculated using the Bank of Canada noon rate as of the Effective Date, which was June 16, 2010. Trading of PacMag shares on the Australian Securities Exchange ("ASX") was suspended as of June 16, 2010. Each PacMag shareholder receives 0.1018 Entrée shares and CAD$0.0415 (AUD$0.469) cash for each PacMag share. In addition, Entrée has acquired all outstanding PacMag options for aggregate consideration of 293,610 shares and CAD$387,479. The aggregate consideration payable by Entrée for all PacMag shares and options is 15,020,801 Entrée shares and CAD$6,346,665.\nThe combined assets of Entrée Gold and PacMag will have a copper-gold-molybdenum focus with a significant worldwide presence in Mongolia, the USA (particularly Nevada, New Mexico, and Arizona), Australia, Canada and China. With the acquisition of PacMag, Entrée acquired...