By Devika Patel
Knoxville, Tenn., March 10 - Commerce Group Corp. has arranged a $1.3 million private placement of stock, according to an 8-K filed with the Securities and Exchange Commission Monday.
The company will sell 1.3 million shares at $1.00 apiece to Manti Holdings LLC.
Proceeds will be used to conduct resource evaluation, development drilling, evaluation work and provide Commerce with working capital over the next six months.
Milwaukee-based Commerce Group is a precious metals company that produces gold and silver.
| Issuer: | Commerce Group Corp.
|
| Issue: | Stock
|
| Amount: | $1.3 million
|
| Shares: | 1.3 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Investor: | Manti Holdings LLC
|
| Pricing date: | March 10
|
| Stock symbol: | OTCBB: CGCO
|
| Stock price: | $0.28 at close March 7
|
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