By Laura Lutz
Des Moines, June 14 - Commerce Resources Corp. arranged a private placement of units for up to C$15 million.
The company plans to sell 12.5 million units of one share and one warrant at C$1.20 per unit. Each warrant will be exercisable at C$1.50 for two years.
Shoreline Pacific, LLC is the placement agent for C$9 million of the offering.
Proceeds will be used for exploration and development and for working capital.
Commerce is a mineral exploration company based in Vancouver, B.C.
Issuer: | Commerce Resources Corp.
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Issue: | Units of one share and one warrant
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Amount: | C$15 million
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Units: | 12.5 million
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Price: | C$1.20
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.50
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Agent: | Shoreline Pacific, LLC (for C$9 million)
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Pricing date: | June 14
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Stock symbol: | TSX Venture: CCE
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Stock price: | C$1.23 at close June 13
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