Erdene Resource Development announces private placement to advance Khundii Gold ProjectEconomy
Ulaanbaatar /MONTSAME/ Erdene Resource Development Crop. (TSX:ERD; MSE:ERDN), a Tier 3 listed company on the Mongolian Stock Exchange (MSE), intends to issue up to 7,608,696 units of the company at a price of USD 0.23 per unit (Private Placement), for gross proceeds of up to USD1,750,000, announced on February 12.
Proceeds of the Private Placement will be used to fund the independent Pre-Feasibility Study of the Company’s Khundii Gold Project, mining license applications for the project’s properties, potential acquisitions, including through the Mongolian Government’s recently re-opened license tender process, and for the general working capital purposes.
The Private Placement is expected to close on or about February 28, 2019 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: Erdene Resource Development