Commerce Resources Corp. Announces
Private Placements and Appointment to Board of Directors
Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company"
or "Commerce") is pleased to announce that it has engaged Marquest Capital Markets and Casimir
Capital Ltd. (the "Agents") to act as lead agent in connection with a
private placement of up 11,111,112 flow-through eligible units at a price of
$0.18 per unit for gross proceeds of $2,000,000 and up to 3,333,334 common
share units at a price of $0.15 per unit for gross proceeds of $500,000.
In addition the Company announces a non-brokered
flow-through eligible private placement of up to 6,666,667 units at $0.18 per
unit for gross proceeds of $1,200,000.
The flow-through units will consist of one
flow-through common share and one half of one non-transferable share purchase
warrant. Each whole share purchase warrant will entitle the holder to purchase
one additional common share of the Company at a price of $0.25 per share for a
period of 18 months from the date of issuance.
The common share units will consist of one common
share and one half of a non-transferable share purchase warrant. Each whole
share purchase warrant will entitle the holder to purchase one additional
common share of the Company at a price of $0.25 per share for a period of 18
months from the date of issuance.
The Company will pay to the Agent a commission of
8% of the gross sales of units and issue to the Agent 8% of the number of units
sold in Compensation Options, with each Compensation Option being exercisable
for eighteen (18) months at a price of $0.25 per share. Other finder's fees may
be payable in accordance with the policies of the TSX Venture Exchange ("TSXv").
The securities issued will be subject to a
four-month hold period from the date of closing. The private placement is
subject to the approval of the TSXv.
The proceeds from the unit offering will be
utilized for qualified exploration expenditures on the Company's Blue River
Tantalum and Niobium, and Eldor Rare Earth Element
In addition, the Company is pleased to announce
the appointment of Mr. Christopher Grove to the Board of Directors. Mr. Grove
has worked as Corporate Communications for the Company since 2004, and has
significant contacts within the financial communities in North America and
Europe. Mr. Grove currently sits on the board of two TSX Venture Exchange
Commerce Resources Corp.
Commerce Resources Corp. is an exploration and
development company with a particular focus on rare metal and rare earth
element deposits with the potential for economic grades and large tonnages. The
Company is focused on the development of its Upper Fir Tantalum and Niobium
Deposit in British Columbia and the Ashram Rare Earth Element Deposit in
On Behalf of the Board of Directors
Commerce Resources Corp.
CODE : CCE.V
ISIN : CA2006971006
Projects & res.Press
Asset profileContact Cpy
Commerce Resources is a silver and gold development stage company based in Canada.
Commerce Resources holds various exploration projects in Canada.
Its main exploration properties are ELDOR, BLUE RIVER - FIR, CARBOT, AU-WEN CLAIMS and CABLE CREEK in Canada.
Commerce Resources is listed in Canada and in Germany. Its market capitalisation is CA$ 30.3 millions as of today (US$ 23.9 millions, € 22.2 millions).
Its stock quote reached its lowest recent point on December 20, 2013 at CA$ 0.05, and its highest recent level on July 04, 2014 at CA$ 0.34.
Commerce Resources has 216 460 000 shares outstanding.