Key Developments: Erdene Resource Development Corp (ERDCF.PK)
0.14USD
21 May 2013
$0.02 (+18.45%)
$0.12
$0.14
$0.14
$0.14
10,000
861
$0.31
$0.11
Latest Key Developments (Source: Significant Developments)
Erdene Resource Development Corp Establishes Strategic Alliance With Teck Resources Limited
Erdene Resource Development Corp announced that it has entered into a strategic alliance with Teck Resources Limited. The Alliance was formed by the signing of option and private placement agreements to fund and explore the Company's mineral tenements in the Trans Altay region of southwest Mongolia. Initially, the program will focus on the Company's Khuvyn Khar copper porphyry prospect as well as exploration of select targets across the Trans Altay region. Excluded from the Alliance are the Company's Altan Nar gold project and Zuun Mod molybdenum-copper deposit. Under the terms of the Agreement, Teck will subscribe for up to $3 million of Erdene shares by way of a non-brokered private placement. The initial tranche will be for five million shares priced at $0.20 per share for aggregate proceeds of $1 million. Subject to meeting all conditions precedent, including receipt of approval from the Toronto Stock Exchange, the Initial Tranche is expected to close before April 30, 2013. Erdene will commit 85% of the proceeds from each tranche of the Teck private placement to exploration work to be directed by a technical committee, with the remaining 15% to be used for general purposes. Full Article
Erdene Resource Development Corp Announces Wind-Up of the Mongolian Coal Alliance and Updates Strategic Objectives
Resource Development Corp announced that the Xstrata Coal Mongolia Alliance Agreement has been discontinued and provided an update on the Company's strategic objectives. Pursuant to the terms of the Mongolia Alliance Agreement ("Agreement") entered into on February 13, 2006, between Xstrata Coal Canada Limited and Erdene, the parties have mutually agreed to discontinue the Agreement. Over the past seven years, Erdene has conducted coal-focused, regional scale, geological mapping programs across Mongolia, with the last four years focussed on southern Mongolia. Collectively, an area of over ten million hectares was covered by Erdene's exploration team within basins that are considered prospective for high quality thermal and metallurgical grade coal. Erdene's comprehensive review of coal opportunities in Mongolia has included over 250 site evaluations and the drill testing of multiple targets. In addition, Erdene conducted comprehensive due diligence on numerous coal deposits and prospective licenses. With the Company's corporate restructuring complete, management is now focused on advancing the Company's core projects and business interests in Mongolia. As a result of the reduced availability of equity, management has been reviewing alternative financing opportunities to fund the advancement of Erdene's Mongolia projects. These opportunities include forms of partnerships at the corporate and project level. Over the past six months, Full Article
Erdene Resource Development Corp Closes $1,000,000 Private Placement Financing
Erdene Resource Development Corp announced 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. Full Article
Erdene Resource Development Corp Announces Private Placement
Erdene Resource Development Corp announced it intends to undertake a private placement offering for gross proceeds of up to $1,000,000 (the "Private Placement"). The Private Placement will be comprised of up to 5,882,000 Units offered at a price of $0.17 per Unit. Each Unit will consist 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. Mongolian Investment Banking Group LLC ("MIBG") will be the broker for investors resident in Asia and will be entitled to a cash commission in the amount of 6.0% of the gross proceeds received from the sale of those Units. MIBG will be targeting a group of Mongolian high net worth investors to complete a portion of the Private Placement. The remainder of the financing will be non-brokered. 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 Altan Nar, where drilling continues to establish this project as one of the most significant gold discoveries in Mongolia. The Private Placement is scheduled to close by December 19, 2012. Full Article
Erdene Resource Development Corp Commences Drill Program On Altan Nar Gold Project
Erdene Resource Development Corp announced that the initiation of a further round of drilling on the Company's 100% owned Altan Nar project in southwestern Mongolia. The current drilling program was started on October 7 and is expected to include up to 20 shallow holes, totalling approximately 2,500 metres. Fifteen (15) exploration targets have been identified over a 5 kilometre by 1.5 kilometre area following the completion of a detailed soil geochemical survey and an induced polarization ("IP") gradient array survey over the Altan Nar project. Full Article
Advanced Primary Minerals Corp Enters Into Definitive Agreement With Erdene Resource Development Corporation
Advanced Primary Minerals Corp announced that it has entered into a definitive agreement with Erdene Resource Development Corporation (Erdene) to acquire Erdene Resources Inc., a wholly owned subsidiary of Erdene, which holds all of Erdene's North American property interests, comprised primarily of Erdene's interest in the Donkin Coal Project in Cape Breton, Nova Scotia. Following the Arrangement, all of Erdene's North American property interests will be held by an amalgamated company (Amalco). Terms of the Arrangement: Erdene will transfer all of the issued and outstanding shares of ERI, a corporation formed under the federal laws of Canada and being the entity that owns or will own Erdene's North American property interests, to APM in exchange for an aggregate of 360,028,650 APM Shares; APM and ERI will amalgamate as (Amalco). On the amalgamation of APM and ERI, each shareholder of APM (including Erdene) will receive one common share of Amalco (Amalco Share) for every 7.85 APM Shares owned by such shareholder; Erdene will distribute its Amalco Shares to the shareholders of Erdene on the basis of 1/2 of one Amalco Share for each common share of Erdene; Each option to acquire APM Shares shall be exchanged for economically equivalent options to acquire Amalco Shares (Amalco Options). Full Article
Erdene Resource Development Corp Completes USD3.35 Million Sale Of Granite Hill Quarry Property
Erdene Resource Development Corp announced it has completed the sale of its real estate and associated royalty interest in the Granite Hill property located in Hancock County, Georgia, USA, for USD 3.35 million cash on closing. Under the terms of the Asset Sale Agreement, the Company's 100% interest in the 339 acre parcel of land and the associated lease and royalty was sold for US$3.35 million to an arm's length, third party. This transaction has increased the Company's working capital position to approx. $5.0 million. Full Article
Erdene Resource Development Corp Announces Sale of Land and Royalty Interest at Granite Hill Quarry Through Subsidiary
Erdene Resource Development Corp announced that it has entered into a definitive agreement through its wholly owned subsidiary, ERD Aggregate Corp., to sell its real estate and associated royalty interest in the Granite Hill property (the Sparta Quarry) for USD3.35 million, cash on closing, to an arm's length, third party. Under the terms of the Asset Sale Agreement, the Company's 100% interest in the 339 acre parcel of land and the associated lease and royalty will be purchased for USD3.35 million. Closing of the transaction is expected to take place within the next 40 days. Full Article
Erdene Resource Development Corp. Completes Private Placement Financing
Erdene Resource Development Corp. announced that, it has completed the private placement financing announced on November 16, 2011, led by Mongolian International Capital Corporation ("MICC"). Total proceeds of the private placement were $2,191,814 resulting in the issuance of 5,479,524 shares at $0.40 per share with net proceeds to the Company of $2,084,305 after total commissions paid to MICC of $107,509 pursuant to the offering. Full Article
Erdene Resource Development Corp. Closes $1,715,000 Financing Pursuant To Private Placement
Erdene Resource Development Corp. announced that it has closed $1,715,000 of a private placement announced on November 16, 2011 and issued 4,287,500 shares at $0.40 per share. The offering was led by Mongolian International Capital Corporation (MICC). All securities issued pursuant to the private placement are subject to a hold period expiring March 29, 2012. The Company paid a cash commission of $102,900 to MICC in connection with the closing of the financing. Net proceeds of the Private Placement will be used for exploration of the Company's projects in Mongolia and working capital. Full Article
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