Proceeds earmarked for exploration; Mongolia International was agent
By Devika Patel
Knoxville, Tenn., Dec. 6 - Erdene Resource Development Corp. said it raised C$2.19 million in a private placement of stock. The deal priced for C$2 million on Nov. 16 and the company raised C$1.72 million on Nov. 28.
The company sold 5,479,524 common shares at C$0.40 per share. The price per share is a identical to the Nov. 15 closing share price.
Erdene sold 4,287,500 shares in the first tranche.
The offering was conducted through lead agent Mongolia International Capital Corp.
Proceeds will be used for exploration and working capital.
Erdene is a resource exploration company based in Dartmouth, N.S.
| Issuer: | Erdene Resource Development Corp.
|
| Issue: | Common stock
|
| Amount: | C$2,191,810
|
| Shares: | 5,479,524
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | Mongolia International Capital Corp. (lead)
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 28 (for C$1,715,000), Dec. 6
|
| Stock symbol: | Toronto: ERD
|
| Stock price: | C$0.40 at close Nov. 15
|
| Market capitalization: | C$37.84 million
|
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