Teck Announces Subscription to Erdene Placement
Vancouver, B.C. – Teck Resources Limited (TSX: TCK.A, TCK.B, NYSE: TCK) (“Teck”) announced today that it has acquired an aggregate of 3,897,739 additional common shares of Erdene Resource Development Corp. (TSX:ERD) (“Erdene”). Teck subscribed for 2,826,310 common shares from Erdene in a private placement at a purchase price of $0.139 per common share and acquired the remaining 1,071,429 common shares through the exercise of share-purchase warrants at an exercise price of $0.10 per warrant.
As a result of these transactions, Teck holds 13,040,596 Erdene common shares, representing approximately 15.1% of Erdene’s issued and outstanding common shares. Erdene is a mining company focused on the acquisition, exploration and development of base and precious metals in Mongolia.
The subscription was made for investment purposes and to satisfy certain funding commitments under a private placement agreement entered into with Erdene in April 2013. Teck may otherwise determine to increase or decrease its investment in Erdene depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. A copy of the early warning report may be obtained from the contacts listed below.
Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK. Learn more about Teck at www.teck.com.