Orders for Erdene Resource Development, the first dual-listed company on the Mongolian Stock Exchange, have commenced and will continue until June 14 through member brokerage companies.

The The Toronto-listed company is offering four million shares or 2.7 percent of the total company at MNT 640 per share through its secondary listing on MSE. With this, Erdene sets the precedent of becoming the first dual-listed company on the stock exchange. The offering is planned to raise around MNT 2.56 billion for the advancement of Erdene's exploration projects.

Erdene recently held a roadshow meeting with professional participants of the market. In addition to a public offering, Erdene is conducting a concurrent non-brokered private placement, which in combination with the public offering is expected to raise up to USD 4.4 million.

The company's stock was up to 4.7 percent to CAD 0.34 as of May 31.

Source: Pressreader.com