Undur Tolgoi Minerals Inc. has closed its second and final trance of its non-brokered private placement from November. The firm has issued an additional approximately 5.13 million common shares at CAD 0.20 (USD 0.19) per share for proceeds of CAD 7.02 million.

The proceeds from the placements will be used for general working capital purposes and to further continue the work program on the company's Mongolian exploration license, the Undur Tolgoi project. The license is for a 9,260-hectare site located in the south Gobi Desert in Mongolia, approximately 100 kilometers from the Oyu Tolgoi copper and gold mine.

Canadian-based Undur Tolgoi is an internal mineral exploration company focused on Mongolia. The firm recently changed its name from Wedge Internal Energy Inc.