HALIFAX, NOVA SCOTIA--(Marketwired - April 21, 2014) - Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce that it has closed its non-brokered private placement financing with the issuance of 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"). All securities issued pursuant to the Private Placement are subject to a four month hold period. No commissions or finder's fees will be paid in connection with the Private Placement.
This fulfils Teck's 2014 equity investment obligation pursuant to the Strategic Alliance between Erdene and Teck announced by Erdene on April 11th, 2013 (click here for Erdene's press release). 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. For more details on Erdene's projects please visit Erdene's website at www.erdene.com.
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. Post issuance from this transaction, Erdene has 70,672,112 issued and outstanding common shares and, a fully diluted position of 82,111,301 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. 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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