Non-brokered offering is expected to finance general working capital
By Devika Patel
Knoxville, Tenn., Sept. 29 – Commerce Resources Corp. said it will raise C$4.51 million in a non-brokered private placement of stock and units.
The company will sell 13,925,950 flow-through common shares at C$0.25 apiece and 4,283,550 units of one common share and one warrant at C$0.24 per unit. Each warrant will be exercisable at C$0.30 for 18 months.
The price per share is identical to the Sept. 26 closing share price. The strike price reflects a 20% premium to that price.
Secutor Capital Management Corp. will be a finder.
Proceeds will be used to advance the company’s Ashram Rare Earth Deposit and 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: | Flow-through common shares, units of one common share and one warrant
|
| Amount: | C$4,509,540
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 29
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$0.25 at close Sept. 26
|
| Market capitalization: | C$34.23 million
|
|
|
| Shares
|
| Amount: | C$3,481,488
|
| Shares: | 13,925,950
|
| Price: | C$0.25
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1,028,052
|
| Units: | 4,283,550
|
| Price: | C$0.24
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
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