05:28 PM EST, 01/21/2025 (MT Newswires) -- Entree Resources ( ERLFF ) after trade Tuesday said it is seeking to raise up to $5.7 million from a private placement of up to nearly 2.6 million units at C$2.21 per unit.

Each unit includes a share and one-half of a non-transferable warrant. Each full warrant allows the holder to buy one additional share at C$3.00 for two years, the company said.

The proceeds will support general corporate needs, including the implementation of a partial arbitration award and ongoing discussions with stakeholders of the Oyu Tolgoi project, the company added.

The placement is set to close in the first quarter, pending regulatory approval. Horizon Copper plans to buy up to 625,202 units to maintain its stake in Entree, which will be exempt from certain transaction requirements.