Secondary market trading of Erdene shares commences

The public offering of Erdene Resource Development was deemed successful by the Financial Regulatory Commission (FRC) on June 19 and the permission was granted to commence secondary market trading beginning on June 20.

Erdene Resource Development Corporation is the first company that listed at MSE via dual-listing procedure and its public offering received a 66 percent oversubscription from 1,248 individuals and entities that submitted orders to buy a total of 6.4 million shares.

At its recent annual meeting of shareholders, Erdene management’s nominees to the board of directors were confirmed by the shareholders.

Following the annual general meeting (AGM), Erdene’s board of directors appointed its officers for the coming year, namely: President and Chief Executive Officer Peter Akerley; Chairman of the Board Chris Cowan; Vice President and Chief Financial Officer Ken MacDonald; and Corporate Secretary Suzan Frazer.

In addition to the voting of directors, KPMG LLP was re-appointed auditor of the company to hold office until the next AGM or until its successor is duly appointed, and the directors were authorized to fix the auditor’s remuneration.

Erdene recently announced results from its second series of drilling at its flagship Bayan Khundii project.

“Results from the Midfield Zone further confirm the strong continuity of highgrade gold enveloped in broad intervals of lower grade material. The consistency of the high-grade zones, their proximity to surface and good metallurgical characteristics will all contribute positively to the maiden resource estimate and Preliminary Economic Assessment expected later this year. Drilling also commenced today on a 2,500 meter program testing multiple reconnaissance targets within the Bayan Khundii and adjacent Ulaan licenses,” said Peter Akerley, Erdene’s president and CEO.