Proceeds earmarked for exploration; Mongolia International is agent
By Devika Patel
Knoxville, Tenn., Nov. 16 - Erdene Resource Development Corp. said it will conduct a C$2 million private placement of stock through agent Mongolia International Capital Corp.
The company will sell 5 million common shares at C$0.40 per share. The price per share is a identical to the Nov. 15 closing share price.
Settlement is expected on Nov. 25.
Proceeds will be used for exploration and working capital.
"As our company continues to advance our activities in Mongolia, now enhanced by our new gold discovery, we are very pleased to provide Mongolian investors an opportunity to invest in the company," president and chief executive officer Peter Akerley said in a press release.
"We believe it is of strategic value to the company to increase our Mongolian shareholder base and are pleased to do so through a Mongolian firm reflecting the increasing maturity of the mining investment sector in the country as one of the many benefits of the rapidly growing mining industry."
Erdene is a resource exploration company based in Dartmouth, N.S.
| Issuer: | Erdene Resource Development Corp.
|
| Issue: | Common stock
|
| Amount: | C$2 million
|
| Shares: | 5 million
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | Mongolia International Capital Corp.
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Toronto: ERD
|
| Stock price: | C$0.40 at close Oct. 15
|
| Market capitalization: | C$36.13 million
|
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