Erdene Resource Development Corporation (TSX:ERD | MSE:ERDN) has provided an update on its previously announced non-brokered private placement of approximately C$20 million. 

Erdene Resource Development Corporation (TSX:ERD | MSE:ERDN) announced the closing of the previously announced non-brokered private placement of approximately C$20 million. The funds will be focused on expanding high-grade resources in our Khundii Gold District and allow to initiate early works at the Bayan Khundii Gold Project. 

As announced on July 23 and 30, 2020, the Private Placement consisted of the sale of 33,333,333 subscription receipts at a price of $0.45 per Subscription Receipt, to 2176423 Ontario Ltd., an entity controlled by Mr. Eric Sprott, and the concurrent sale of 11,111,108 units of the Company at a price of $0.45 per Unit.

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