By Laura Lutz
Des Moines, Aug. 2 - Commerce Resources Corp. settled an oversubscribed private placement of units for C$32,745,380.
The deal priced on June 14 as a C$15 million offering. It was upsized to C$31.5 million on July 16.
The deal closed in two tranches. An initial tranche, for C$4,513,203, settled on June 26. The second tranche, for C$28,232,177, closed on Aug. 1.
In total, the company sold 27,287,817 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 was the placement agent for part 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$32,745,380
|
| Units: | 27,287,817
|
| Price: | C$1.20
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
| Agent: | Shoreline Pacific, LLC (for part)
|
| Pricing date: | June 14
|
| Upsized: | July 16
|
| Settlement date: | June 26 (for C$4,513,203); Aug. 1 (for C$28,232,177)
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$1.23 at close June 13
|
| Stock price: | C$1.20 at close June 26
|
| Stock price: | C$1.47 at close July 16
|
| Stock price: | C$1.31 at close Aug. 1
|
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