Brokered offering slated to finance projects, general working capital
By Devika Patel
Knoxville, Tenn., Aug. 7 - Commerce Resources Corp. said it settled a C$1.63 million private placement of units. The deal priced for C$2 million on July 13 and was conducted by NCP Northland Capital Partners Inc.
The company sold 5,436,666 units of one flow-through common share and one half-share warrant at C$0.30 per unit.
Each whole two-year warrant will be exercisable at C$0.40 in the first year and at C$0.48 in the second year. The strike prices reflect 48.15% and 77.78% premiums to the July 12 closing share price of C$0.27.
Proceeds will be used to advance the Eldor Rare Earth Project and the Blue River Tantalum-Niobium 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: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,631,000
|
| Units: | 5,436,666
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.40 in the first year, C$0.48 in the second
|
| Agent: | NCP Northland Capital Partners Inc.
|
| Pricing date: | July 13
|
| Settlement date: | Aug. 7
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$0.27 at close July 12
|
| Market capitalization: | C$34.03 million
|
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