Proceeds earmarked for exploration; Mongolia International is agent
By Devika Patel
Knoxville, Tenn., Nov. 28 - Erdene Resource Development Corp. said it raised C$1.72 million in the initial tranche of a C$2 million private placement of stock. The deal priced Nov. 16 and is being conducted through agent Mongolia International Capital Corp.
The company is selling 5 million common shares at C$0.40 per share. The price per share is identical to the Nov. 15 closing share price.
Erdene sold 4,287,500 shares in the first tranche.
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 million
|
| Shares: | 5 million
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | Mongolia International Capital Corp.
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 28 (for C$1,715,000)
|
| Stock symbol: | Toronto: ERD
|
| Stock price: | C$0.40 at close Oct. 15
|
| Market capitalization: | C$36.13 million
|
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