Deal sells 10,743,405 units of shares, half-share warrants at C$0.14
By Devika Patel
Knoxville, Tenn., June 12 – Erdene Resource Development Corp. said it raised about C$350,000 in the second and final tranche of a C$1.5 million oversubscribed non-brokered private placement of units. The deal priced for C$1 million on May 21, was increased to C$1.5 million on June 4 and took in C$1.15 million on June 4.
The company sold 10,743,405 units of one common share and one half-share warrant at C$0.14 per unit.
Each full warrant is exercisable at C$0.16 for six months. The strike price is identical to the May 20 closing share price.
Proceeds will be used to advance the company’s Altan Nar gold-polymetallic project in southwest Mongolia and for general working capital purposes.
Erdene is a base and precious metals exploration company based in Halifax, N.S.
| Issuer: | Erdene Resource Development Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,504,077
|
| Units: | 10,743,405
|
| Price: | C$0.14
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Six months
|
| Warrant strike price: | C$0.16
|
| Agent: | Non-brokered
|
| Pricing date: | May 21
|
| Upsized: | June 4
|
| Settlement dates: | June 4 (for C$1.15 million), June 12 (for about C$350,000)
|
| Stock symbol: | Toronto: ERD
|
| Stock price: | C$0.16 at close May 20
|
| Market capitalization: | C$12.55 million
|
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