Erdene Announces Listing on the Mongolian Stock Exchange

B.Chimeg GoGo.mn

2018-06-04 11:12 GMT+8

Halifax, Nova Scotia – May 31, 2018 – Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company") is pleased to announce that it has received approval from the Financial Regulatory Commission of Mongolia for a secondary listing of its common shares on the Mongolian Stock Exchange (“MSE”) and today has launched an offering of common shares to Mongolian residents (“Mongolia Offering”) as well as a concurrent non-brokered private placement ("Private Placement"), which in combination are expected to raise up to $4.4 million.

“Today’s news is the result of close and productive collaboration with the Mongolian Stock Exchange, the Financial Regulatory Commission of Mongolia, and the Government of Mongolia through active support from the Ministry of Mining and Heavy Industry,” said Peter Akerley, President and CEO of Erdene.

 

“Erdene is grateful to the leaders of those institutions, and strongly believes the MSE listing will increase opportunities for more Mongolians to tangibly benefit from the development of their nation’s mineral endowment.

Through the MSE listing, we will be providing an opportunity for Mongolians to directly participate in the exciting high-grade gold deposits we have discovered in the southwest of the country. Our cross listing on both a foreign exchange and the MSE, the first of its kind in Mongolia, is a demonstration of our commitment to creating lasting benefits in Mongolia.

Those benefits go beyond the direct financial upside and include strengthening Mongolia’s emerging capital markets, improved local water supply, educational training, cleaner energy systems and local employment initiatives. As the longest standing, foreign-invested company continuously operating in Mongolia’s exploration and mining sector, we believe it is important that we continue to seek ways in which we can create sustainable, positive impacts for Mongolia.”

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