Deal consists of two types of units with 18-month half-share warrants
By Devika Patel
Knoxville, Tenn., March 10 - Commerce Resources Corp. said it plans a C$2.87 million private placement of units. The deal will be conducted by lead agent Secutor Capital Management Corp. and has a 20% greenshoe.
The company will sell 4 million units of one common share and one half-share warrant at C$0.20 per unit and 9 million flow-through units of one flow-through common share and one half-share warrant at C$0.23 per unit.
The whole warrants are each exercisable at C$0.35 for 18 months.
Proceeds will be used to advance the company's Ashram Rare Earth Deposit 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 common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant.
|
| Amount: | C$2.87 million
|
| Greenshoe: | 20%
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
| Agent: | Secutor Capital Management Corp. (lead)
|
| Pricing date: | March 10
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$0.01 at close March 7
|
| Market capitalization: | C$772,680
|
|
|
| Units
|
| Amount: | C$800,000
|
| Units: | 4 million
|
| Price: | C$0.20
|
|
|
| Flow-through units
|
| Amount: | C$2.07 million
|
| Units: | 9 million
|
| Price: | C$0.23
|
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