Erdene Completes $7.2M Private Placement Led BY Investment from Eric Sprott
TSX: ERD | MSE: ERDN
www.erdene.com [email protected]
ERDENE COMPLETES $7.2M PRIVATE PLACEMENT
LED BY INVESTMENT FROM ERIC SPROTT
Press Release
Halifax, Nova Scotia
2022.07.21
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 find er's warrants are exercisable on the
same terms as the unit Warrants.
Proceeds of the Offering 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.
About Erdene
Erdene Resource Development Corp. is a Canada-based resource company focused on
the acquisition, exploration, and development of precious and base metals in
underexplored and highly prospective Mongolia. The Company has interests in three
mining licenses and an exploration license in Southwest Mongolia, where exploration
success has led to the discovery and definition of the Khundii Gold District. Erdene
Resource Development Corp. is listed on the Toronto and the Mongolian stock exchanges.
Further information is available at www.erdene.com. Important information may be
disseminated exclusively via the website; investors should consult the site to access this
information.
Forward-Looking Statements
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
TSX: ERD | MSE: ERDN
www.erdene.com [email protected]
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 material ly from those
in forward-looking statements include the ability to obtain required third party approvals,
market prices, exploitation and exploration results, continued availability of capital and
financing and general economic, market or business conditio ns. 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 obligatio n to revise or update these
forward-looking statements, except as may be required under applicable securities laws.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE
CONTENTS OF THIS RELEASE
Erdene Contact Information
Peter C. Akerley, President and CEO, or
Robert Jenkins, CFO
Phone: (902) 423-6419
Email: [email protected]
Twitter: https://twitter.com/ErdeneRes
Facebook: https://www.facebook.com/ErdeneResource
LinkedIn: https://www.linkedin.com/company/erdene-resource-development-corp-/
YouTube: https://www.youtube.com/channel/UCILs5s9j3SLmya9vo2-KXoA