Erdene Completes US$3.35 Million Sale of the Granite Hill Quarry Property/Provides Results of AGM
HALIFAX, NOVA SCOTIA--(Marketwire - July 3, 2012) - Erdene Resource Development Corp. ("Erdene" or "Company") (TSX:ERD), is pleased to announce it has completed the sale of its real estate and associated royalty interest in the Granite Hill property located in Hancock County, Georgia, USA, for US$ 3.35 million cash on closing.
Under the terms of the Asset Sale Agreement, the Company's 100% interest in the 339 acre parcel of land and the associated lease and royalty was sold for US$3.35 million to an arm's length, third party.
This transaction has increased the Company's working capital position to ~$5.0 million.
Appointment of Board and Executive
At the Annual General Meeting ("AGM"), the shareholders elected a board, of nine directors: Peter Akerley, John Budreski, Bill Burton, John Byrne, Dave Carnell, Chris Cowan, Ken MacDonald, Stuart Rath and Philip Webster to hold office until their successors are duly elected or appointed.
The board would like to thank Mr. Malcolm Cox, who did not offer for re-election, for his contributions to the Company during the two years he served on the board of directors.
Following the AGM, the Erdene board of directors confirmed the appointment of its executive officers, namely: President and Chief Executive Officer - Peter Akerley; Vice President Asia - Chris Cowan; Vice President Business Strategy and CFO - Ken MacDonald; and Corporate Secretary - Suzan Frazer.
Auditor Re-Appointed
KPMG LLP was re-appointed Auditor of the Corporation to hold office until the next annual meeting of shareholders or until its successor is duly appointed.
Under the terms of the Asset Sale Agreement, the Company's 100% interest in the 339 acre parcel of land and the associated lease and royalty was sold for US$3.35 million to an arm's length, third party.
This transaction has increased the Company's working capital position to ~$5.0 million.
Appointment of Board and Executive
At the Annual General Meeting ("AGM"), the shareholders elected a board, of nine directors: Peter Akerley, John Budreski, Bill Burton, John Byrne, Dave Carnell, Chris Cowan, Ken MacDonald, Stuart Rath and Philip Webster to hold office until their successors are duly elected or appointed.
The board would like to thank Mr. Malcolm Cox, who did not offer for re-election, for his contributions to the Company during the two years he served on the board of directors.
Following the AGM, the Erdene board of directors confirmed the appointment of its executive officers, namely: President and Chief Executive Officer - Peter Akerley; Vice President Asia - Chris Cowan; Vice President Business Strategy and CFO - Ken MacDonald; and Corporate Secretary - Suzan Frazer.
Auditor Re-Appointed
KPMG LLP was re-appointed Auditor of the Corporation to hold office until the next annual meeting of shareholders or until its successor is duly appointed.
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