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Erdene to raise C$10M for Bayan Khundii, Altan Nar gold projects

Erdene Resource Development Corp. secured C$10 million for the development of its Bayan Khundii and Altan Nar gold projects in Mongolia by entering into a bought-deal financing with Paradigm Capital Inc. and Canaccord Genuity Group Inc.

According to a Jan. 30 statement, the underwriters will purchase 12,988,000 common Erdene shares at 77 cents apiece, with an option to purchase up to an additional 15% of the offered shares at the same price, exercisable in whole or in part at any time until 48 hours before the financing's closing, which is expected Feb. 23.

The funds will also be used to further explore and develop the company's other gold projects in southwest Mongolia and for general working capital.