Published on 6/19/2008 in the Prospect News PIPE Daily.
New Issue: Erdene wraps C$18.59 million private placement of shares
By Devika Patel
Knoxville, Tenn., June 19 - Erdene Resource Development Corp. said it raised C$18.59 million in a private placement of stock. The deal priced for C$15 million with a C$5 million greenshoe on June 2.
The company sold 18,586,000 common shares at C$1.00 apiece. Of those shares, 3,586,000 were part of the partially exercised greenshoe.
Toll Cross Securities Inc. and National Bank Financial Inc. were co-lead agents. Acadian Securities Inc., Beacon Securities Ltd. and Citadel Securities Inc. also were members of the selling group.
Proceeds will be used for mineral exploration and development activities and for general corporate purposes.
Erdene, formerly Erdene Gold Inc., is a resource exploration company based in Dartmouth, N.S.
Issuer: | Erdene Resource Development Corp.
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Issue: | Flow-through common shares
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Amount: | C$18,586,000 (including C$3,586,000 greenshoe)
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Shares: | 18,586,000
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Price: | C$1.00
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Warrants: | No
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Agent: | Toll Cross Securities Inc., National Bank Financial Inc. (co-leads), Acadian Securities Inc., Beacon Securities Ltd., Citadel Securities Inc.
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Pricing date: | June 2
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Settlement date: | June 19
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Stock symbol: | Toronto: ERD
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Stock price: | C$0.98 at close May 30
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