- Erdene Resource Development Corporation (ERD) has completed a non-brokered private placement, raising gross proceeds of $7,180,106
- The offering was led by a $2 million investment from Eric Sprott
- The company sold 23,933,687 units at $0.30 per unit
- The company will use the proceeds to fund exploration
- Erdene Resource Development Corp. is a Canada-based resource company
- Erdene Resource Development Corporation opened trading at $0.31
Erdene Resource Development Corporation (ERD) has completed a non-brokered private placement, raising gross proceeds of $7,180,106.
The offering was led by a $2 million investment from Eric Sprott.
The company sold 23,933,687 units at $0.30 per unit. Each unit consists of one common share and half of one common share purchase warrant.
Warrants are exercisable for one common share within two years of the closing date.
Erdene will pay finder’s fees of $151,048 and 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.
Net proceeds will be used to fund exploration, including follow-up drilling at the recent Ulaan and Dark Horse discoveries, site establishment work for the company’s Bayan Khundii Gold Project development, and for general working capital purposes.
Erdene Resource Development Corp. is a Canada-based resource company focused on the acquisition, exploration, and development of precious and base metals in Mongolia.
Erdene Resource Development Corporation opened trading at $0.31.