ERDENE RESOURCE DEVELOPMENT

Erdene Resource Development (TSX:ERD) announced a non-brokered private placement of approximately C$20 million, led by a $15 million investment from Eric Sprott.

Paradigm Capital acted as lead financial advisor to Erdene on the transaction. Haywood Securities acted as co-advisor.

Funds will be used by Eredene to advance exploration and development of the Bayan Khundii Gold Project.

“We are very pleased to have Mr. Sprott as a significant shareholder of Erdene,” said Mr. Peter Akerley, Erdene’s President and CEO. “His investment is a strong endorsement of Erdene’s high-grade Bayan Khundii Gold Project and the prospectivity of our 100% owned Khundii Gold District. Funds from this financing will be used to initiate early construction works at Bayan Khundii and continue exploration to expand our high-grade resources.