Erdene Resource Development Corp (TSX:ERD; MSE:ERDN), a Tier 3 listed company on the MSE, intends to issue up to 7,608,696 units of the company at a price of USD 0.23 per unit (Private Placement), for gross proceeds of up to USD1,750,000.

Proceeds of the Private Placement will be used to fund the independent Pre-Feasibility Study of the Company’s Khundii Gold Project, mining license applications for the project’s properties, potential acquisitions, including through the Mongolian Government’s recently re-opened license tender process, and for the general working capital purposes.

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Source: Mongolian Stock Exchange