"We are very pleased to close this financing led by Mr. Sprott," said Mr. Peter Akerley, Erdene's President and CEO. "Funds will be focused on expanding high-grade resources in our Khundii Gold District and allow us to initiate early works at the Bayan Khundii Gold Project, following the recent announcement of Bankable Feasibility Study results." As announced on July 23 and 30, 2020, the Private Placement consisted of the sale of 33,333,333 subscription receipts ("Subscription Receipts") at a price of $0.45 per Subscription Receipt, to 2176423 Ontario Ltd., an entity controlled by Mr. Eric Sprott, and the concurrent sale of 11,111,108 units of the Company ("Units") at a price of $0.45 per Unit. Each Unit consists of one common share of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"), with each Warrant exercisable into one Common Share within two years of the closing date, at a price of $0.60 per Common Share.