Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) announced that the European Bank for Reconstruction and Development (EBRD) has exercised its conversion option in respect of its US$5 million convertible loan with the Company. Following conversion of the Convertible Loan, the EBRD owns and controls 30,043,290 common shares representing approximately 11.2% of the issued and outstanding common shares of the Company.

"The proceeds of the EBRD Convertible Loan provided the funding to complete the recently announced Bayan Khundii Gold Project Feasibility Study,” said Peter Akerley, Erdene’s President and CEO. “The EBRD’s conversion, along with the proceeds of the C$20 million equity financing led by a C$15 million strategic investment from Mr. Eric Sprott position Erdene to secure the project finance required to move Bayan Khundii rapidly to production. The company is focused on expanding the resources throughout the district and construction readiness efforts for the Bayan Khundii project as we target first gold in 2022.”

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