The Canadian company Entree Gold Inc. announced on Wednesday that it has sold nearly 11.5 million shares of stock at $1.25 per share to finance mining projects, including the Shivee West project in Mongolia. The company sold 10 million shares in a marketed offering, and Rio Tinto, the company’s largest shareholder, purchased an additional 1,482,216. The stock sold for $1.25 per share. Total proceeds from the offering were $14,352,770.

In addition to the Mongolian project, the money will finance a mining project in the U.S. state of Nevada.

Entree President and Chief Executive Officer Greg Crowe said, “This financing puts Entree in a stronger financial position at a time of global economic uncertainty, and allows us to continue to advance our projects in Mongolia and Nevada.”

Entree is exploring for buried porphyry copper gold mineralization at Shivee West. The project is located in the South Gobi desert, approximately 570 km south of Ulaanbaatar and 80 km north of the border with China. Shivee West is adjacent to the Entree-Ivanhoe Joint Venture Property and the Oyu Tolgoi mining complex developed by Ivanhoe and Rio Tinto.

The area covered by the project totals 35,242 hectares and is wholly owned by Entree.