By Laura Lutz
Des Moines, July 16 - Commerce Resources Corp. increased the size of its previously announced private placement of units to C$31.5 million from C$15 million.
The company now plans to sell 26.25 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.
The deal priced on June 14 as a C$15 million offering of 12.5 million units. That portion of the placement has already settled.
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.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$31.5 million
|
| Units: | 26.25 million
|
| Price: | C$1.20
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
| Agent: | Shoreline Pacific, LLC (for C$9 million)
|
| Pricing date: | June 14
|
| Upsized: | July 16
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$1.23 at close June 13
|
| Stock price: | C$1.47 at close July 16
|
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