Junior Mining Network - Erdene Establishes Strategic Alliance in Mongolia: ""Teck is an exceptional partner for our metals exploration in Mongolia and we are extremely pleased for the opportunity to be working together," said Peter Akerley, President and CEO. "In this unique period for the junior mining industry our goal was to secure a partnership that maintained the tremendous upside of our regional copper porphyry exploration. We expect Erdene and its shareholders will benefit from Teck's technical expertise and substantial financial strength, which will support and complement Erdene's extensive in-country experience."
Under the terms of the Agreement, Teck will subscribe for up to $3 million of Erdene shares by way of a non-brokered private placement. The initial tranche ("Initial Tranche") will be for five million shares priced at $0.20 per share for aggregate proceeds of $1 million. Subject to meeting all conditions precedent, including receipt of approval from the Toronto Stock Exchange, the Initial Tranche is expected to close before April 30, 2013."
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