August 9, 2012 on: business, Mining

Erdene Resource Development Corp announced that it has entered into a definitive agreement with Advanced Primary Minerals Corporation to exchange all of Erdene's North American property interests, comprised primarily of Erdene's interest in the Donkin Coal Project in Cape Breton, Nova Scotia, for shares of APM.

Highlights 1. Following the Arrangement, all of Erdene's North American property interests will be held by an amalgamated company Amalco 2. Amalco will be focussed on the development of bulk commodity projects in North America, predominantly coal projects, led by the Donkin Project 3. Erdene will be focussed on precious and base metals exploration in Asia, primarily Mongolia 4. Upon completion of the Arrangement, the outstanding shares of Erdene (totalling 95,802,901) will effectively be split on a 50/50 basis resulting in 47,901,450 shares outstanding in Erdene and 47,901,450 shares of Amalco which will be distributed to Erdene shareholders 5. Upon completion of the Arrangement, Amalco will have 49,255,990 shares outstanding, 47,901,450 (97.25%) of which will be held by Erdene shareholders and the balance by the former APM shareholders 6. A total of $1.95M cash will be included with the North American assets being acquired by Amalco 7. It is anticipated that the remaining resources and real estate held by APM, with a fair market value of $1.1M to $1.4M, will be sold following the completion of the Arrangement 8. A new name and the management team of Amalco will be announced in an upcoming news release 9. A special meeting of the Erdene shareholders is expected to be held in Halifax, Nova Scotia in October 2012 to obtain the necessary shareholder approvals Mr Peter Akerley president & CEO said “We strongly believe that the separation of Erdene's major projects, Donkin Coal and Mongolian minerals exploration, into separate public companies will provide excellent value to the Company's shareholders. The split will provide investors with a clearer framework to assess the investment opportunity and provide management with greater flexibility in the advancement of specific projects." Erdene Resource Development Corp is a diversified resource company with metal and coal interests in Mongolia as well as the Donkin Coal Project and industrial mineral assets in North America.


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