Proceeds used to advance projects and also for general working capital
By Devika Patel
Knoxville, Tenn., Dec. 21 - Erdene Resource Development Corp. said it settled a C$1 million private placement of units. Mongolian Investment Banking Group LLC was the broker for the deal, which priced for C$999,940 on Dec. 12.
The company sold 5,882,353 units of one common share and a half-share warrant at C$0.17 per unit. Each whole warrant is exercisable at C$0.25 for two years. The strike price is a 56.25% premium to the Dec. 11 closing share price of C$0.16.
Proceeds will be used to advance the company's projects in Mongolia and for general working capital.
Erdene is a resource exploration company based in Dartmouth, N.S.
| Issuer: | Erdene Resource Development Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1 million
|
| Units: | 5,882,353
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Mongolian Investment Banking Group LLC
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Toronto: ERD
|
| Stock price: | C$0.16 at close Dec. 11
|
| Market capitalization: | C$7.9 million
|
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