Halifax (pcJ News Briefs) – Erdene Resource Development Corp. (TSX: ERD) has closed previously announced non-brokered private placement of 543,478 shares to Teck Resources Limited (TSX: TECK.A, TECK.B; NYSE: TECK) at a price of $0.92 per share for gross proceeds of $500,000.
The financing fulfils Teck’s equity investment obligation pursuant to the Strategic Alliance between Erdene and Teck announced on April 11, 2013.
Net proceeds will be used for exploration of Erdene’s Teck-Alliance projects in southwest Mongolia.
Following the closing of the financing, Teck holds 13,222,904 common shares of Erdene, or approximately 9.1% of Erdene’s outstanding common shares.
photo credit: Erdene Resource Development