|By Marketwired .||
|December 21, 2012 10:46 AM EST||
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 12/21/12 -- Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce that it has closed the private placement announced on December 12, 2012 that was limited to $1,000,000 and comprised of 5,882,353 Units priced at $0.17 per Unit. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.25 for a 24-month period.
All securities issued pursuant to the private placement are subject to a four month hold period. The Company paid cash commissions of $22,800 for the brokered portion of the financing, the majority of which was paid to Mongolian Investment Banking Group LLC ("MIBG") which secured subscriptions from Mongolian investors who participated in the financing.
Net proceeds of the Private Placement will be used to advance the Company's projects in Mongolia and for general working capital. Project expenditures will primarily be directed to the Company's 100% owned Altan Nar ('Golden Sun') gold-silver project in southwestern Mongolia. Altan Nar was discovered by Erdene geologists in late 2011 and is emerging as one of the more significant gold discoveries in Mongolia in recent years. Exploration work completed to date, including more than 8,200 metres of diamond drilling, has confirmed multiple gold-silver zones over a 5 kilometre by 1.5 kilometre area with individual zones returning up to 29 metres of 4.3 g/t gold and 24.1 g/t silver. The 2012 program identified multiple targets that require scout and further delineation drilling throughout the property.
For more details on the Altan Nar project and Erdene's other interests please visit Erdene's website at www.erdene.com.
Located in Ulaanbaatar, the Mongolian Investment Banking Group LLC ("MIBG") is a financial boutique, providing a select range of financial services and products designed specifically to generate value within the mining and resources sector of Mongolia. MIBG has trading rights on the Mongolian Stock Exchange and direct access to international exchanges including the Toronto Stock Exchange, Australian Stock Exchange, Honk Kong Stock Exchange, New York Stock Exchange, and the London Stock Exchange.
J.C. (Chris) Cowan, P.Eng. (Ontario) is a Qualified Person as that term is defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. All samples have been assayed at SGS Laboratory in Ulaanbaatar, Mongolia. In addition to internal checks by SGS Laboratory, the Company incorporates a QA/QC sample protocol utilizing prepared standards, blanks and duplicates.
Erdene Resource Development Corp. is focussed on exploration and development in Asia, primarily Mongolia. Erdene has a very experienced technical and management team and has assembled a strong portfolio of gold, copper-gold, molybdenum-copper, and coal projects in Mongolia. These projects, and its in-country experience, provide the Company with a unique opportunity to participate in this period of unprecedented economic growth in Mongolia. This growth is fuelled by proximity to China and the discovery and development of a number of world-class mineral projects that are transforming the country into one of Asia's natural resource capitals.
After giving effect to this offering, Erdene has 53,785,300 issued and outstanding common shares, 59,102,977 fully diluted.
Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Erdene does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
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