Proceeds from a private placement will enable Mongolia Gold Resources (VSE) to carry out exploration and development work on its 49%-owned Bumbat gold project in Mongolia.
The financing will consist of 1.6 million units at 45 cents each. A unit will consist of one common share and one non-transferable Series B purchase warrant. Two warrants will allow the purchase of one common share for up to two years after the closing of the offering at 50 cents per share in the first year and 60 cents in the second year. The shares are subject to a holding period of 12 months.