Credit: Shutterstock photoErdene Resource Development Corp. (ERD.TO) 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.
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 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. 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.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
