Erdene Resource Development Corp. is a Canada-based resource company focused on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia
Erdene Announces Financing for Khundii Gold District development. (Credit: Khusen Rustamov from Pixabay)
Erdene Resource Development Corporation (TSX:ERD | MSE:ERDN) (“Erdene” or the “Company”) is pleased to announce that it intends to issue, by way of a non-brokered private placement, up to 22,222,222 units of the Company (the “Units”) at a price of $0.27 per Unit (the “Private Placement”), for gross proceeds of up to $6,000,000. Each Unit will consist of one common share and one-half (½) of one common share purchase warrant (each whole warrant, a “Warrant”). Warrants are exercisable by the holder into one common share of the Company within two years of the closing date, at a price of $0.40.
Proceeds of the Private Placement will be used to fund exploration, early development works for the Company’s Bayan Khundii Gold Project, and for general working capital purposes.
The Private Placement is expected to close on or about December 23, 2022 and is subject to the Company receiving all necessary regulatory approvals, including approval of the Toronto Stock Exchange. Securities issued under the Private Placement will be subject to a four month hold period which will expire four months plus one day from the closing date of the Private Placement.
Source: Company Press Release