Published on 9/14/2009 in the Prospect News PIPE Daily.
New Issue: Commerce Resources lifts private placement of units to C$6.67 million
By Devika Patel
Knoxville, Tenn., Sept. 14 - Commerce Resources Corp. said it has increased a private placement of units to C$6.67 million from C$5 million. The deal priced Aug. 11.
The company now will sell 16,676,750 units at C$0.40 apiece. Each unit will consist of one common share and one half-share warrant. Each whole two-year warrant is exercisable at C$0.50 in the first year and at C$0.54 in the second year.
Pope & Co. Ltd. is the lead agent and raised C$2.81 million. The remainder was non-brokered.
Proceeds will be used for exploration and development and general 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 common share and one half-share warrant
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Amount: | C$6,670,700
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Units: | 16,676,750
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Price: | C$0.40
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.50 in the first year, C$0.54 thereafter
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Agent: | Pope & Co. Ltd. for C$2,808,600, remainder non-brokered
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Pricing date: | Aug. 11
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Upsized: | Sept. 14
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Stock symbol: | TSX Venture: CCE
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Stock price: | C$0.45 at close Aug. 11
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Market capitalization: | C$55.2 million
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