HALIFAX, NOVA SCOTIA--(Marketwired - April 15, 2014) - Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce it intends to issue, by way of a non-brokered private placement, 2,000,000 shares to Teck Resources Limited ("Teck") at a price of $0.175 per share for gross proceeds of $350,000 ("Private Placement"). This fulfils Teck's equity investment obligation pursuant to the Strategic Alliance between Erdene and Teck announced by Erdene on April 11th, 2013. Net proceeds of the Private Placement will be used for exploration of the Company's Teck-Alliance projects in Mongolia, including the Khuvyn Khar copper porphyry project where additional geophysical and geologic mapping programs will be completed during the second quarter.
The Private Placement is expected to close on or before April 18th, 2014, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the Toronto Stock Exchange. All securities to be issued pursuant to the Private Placement will be subject to a four month hold period from the closing date.
Erdene Resource Development Corp. is a Canada-based resource company focused on the acquisition, exploration, and development of base and precious metals in underexplored and highly prospective Mongolia. For further information on the Company, please visit www.erdene.com. Erdene has 68,641,503 issued and outstanding common shares and, a fully diluted position of 80,080,692 common shares.
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. The Company 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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