Offering's proceeds earmarked for exploration and development programs
By Devika Patel
Knoxville, Tenn., May 31 - Commerce Resources Corp. said it has negotiated a C$7.58 million non-brokered private placement of stock.
The company will sell 10,388,834 common shares at C$0.73 apiece, a 5.2% discount to the May 30 closing share price of C$0.77.
Proceeds will be used to advance the company's exploration and development programs on its Blue River Tantalum and Niobium Project and its Eldor Rare Earth Project and for general working capital.
Commerce is a rare metals and rare earth elements exploration company based in Vancouver, B.C.
| Issuer: | Commerce Resources Corp.
|
| Issue: | Common shares
|
| Amount: | C$7,583,849
|
| Shares: | 10,388,834
|
| Price: | C$0.73
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 31
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$0.77 at close May 30
|
| Market capitalization: | C$99.25 million
|
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