Non-brokered offering finances exploration, resource drilling program
By Devika Patel
Knoxville, Tenn., Oct. 6 – Erdene Resource Development Corp. said it will conduct a C$1.61 million non-brokered private placement of units.
The company will sell 11.5 million units of one common share and one half-share warrant at C$0.14 per unit, with each whole warrant exercisable at C$0.21 for two years. The strike price is a 40% premium to C$0.15, the Oct. 3 closing share price.
Settlement is expected Oct. 31.
Proceeds will be used for exploration, including a resource drilling program, on the company’s Altan Nar gold-polymetallic project.
Erdene is a resource exploration company based in Dartmouth, N.S.
| Issuer: | Erdene Resource Development Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.61 million
|
| Units: | 11.5 million
|
| Price: | C$0.14
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.21
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 31
|
| Stock symbol: | Toronto: ERD
|
| Stock price: | C$0.15 at close Oct. 3
|
| Market capitalization: | C$10.87 million
|
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