Deal funds exploration, conducted by Marquest Capital, Casimir Capital
By Devika Patel
Knoxville, Tenn., Dec. 12 - Commerce Resources Corp. said it settled a C$1.16 million private placement of units. The deal priced for C$1.7 million on Nov. 23 and was conducted by Marquest Capital Markets and Casimir Capital Ltd. The company also raised C$1.32 million on a non-brokered basis.
The company sold a total of 13,775,554 units of one flow-through common share and one half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable at C$0.25 until June 11, 2014. The strike price reflects a 56.25% premium to the Nov. 21 closing share price of C$0.16.
Proceeds will be used for exploration on the Blue River Tantalum and Niobium and Eldor Rare Earth Element Projects.
Commerce is a rare metals and rare earth elements exploration company based in Vancouver, B.C.
| Issuer: | Commerce Resources Corp.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2,479,600
|
| Units: | 13,775,554
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 11, 2014
|
| Warrant strike price: | C$0.25
|
| Agent: | Marquest Capital Markets and Casimir Capital Ltd. (for C$1,159,000), non-brokered (for C$1,320,600)
|
| Pricing date: | Nov. 23
|
| Settlement date: | Dec. 12
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$0.16 at close Nov. 21
|
| Market capitalization: | C$22.27 million
|
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