Teck adds to holding of Erdene Resource Development Corporation Stock — now owns 14%
In this Chronicle Herald Photo CEO of Erdene Resources. Peter Akerley, displays a a vein of precious metal. — Photo courtesy Chronicle Herald.
Teck Resources Limited has announced that it has subscribed for and acquired an additional 2,000,000 common shares of Erdene Resource Development Corp. (TSX:ERD) ("Erdene"), at a cost of $0.175 per common share, in a private placement conducted by Erdene.
Following the subscription, Teck holds 9,142,857 common shares and 1,071,429 share-purchase warrants of Erdene. If Teck were to exercise all of the warrants it would hold approximately 14.2% of Erdene's outstanding common shares, calculated on a partially diluted basis assuming the exercise of the Teck warrants only.
Erdene is a mining company focused on the acquisition, exploration and development of base and precious metals in Mongolia.
The subscription was made for investment purposes. Teck may otherwise determine to increase or decrease its investment in Erdene depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws.
