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HomeMongolia NewsErdene Completes $7.2M Private Placement Led by Investment

Erdene Completes $7.2M Private Placement Led by Investment

HALIFAX, Nova Scotia, July 21, 2022 (GLOBE NEWSWIRE) — Erdene Resource Development Corporation (TSX:ERD | MSE:ERDN) (“Erdene” or the “Company”) is pleased to announce completion of the previously announced non-brokered private placement, raising gross proceeds of $7,180,106, led by a $2 million investment from Mr. Eric Sprott (the “Offering”).

Pursuant to the Offering, Erdene sold 23,933,687 units of the Company (the “Units”) at a price of $0.30 per Unit. Each Unit consists of one common share and one-half (½) of one common share purchase warrant (the “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 $0.45 per share. Erdene will pay finder’s fees of $151,048 and will issue 236,826 finder’s warrants in connection with the Offering. The finder’s warrants are exercisable on the same terms as the unit Warrants.

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