Non-brokered deal is to fund development and general working capital
By Devika Patel
Knoxville, Tenn., Dec. 16 – Commerce Resources Corp. said it will raise C$3.5 million in a non-brokered private placement of stock and units.
The company will sell 12 million flow-through common shares at C$0.25 apiece and 2.5 million units of one common share and a half-share warrant at C$0.20 per unit. Each whole warrant is exercisable at C$0.30 for 18 months.
The price per share represents a 31.58% premium to C$0.19, the Dec. 15 closing share price. The warrant strike price is a 57.9% premium to that price.
Proceeds will be used for development and general working capital.
Secutor Capital Management Corp. will be paid a 6% finders' fee in cash and 5% in finders' warrants.
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 a half-share warrant
|
| Amount: | C$3.5 million
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 16
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$0.19 at close Dec. 15
|
| Market capitalization: | C$28.39 million
|
|
|
| Shares
|
| Amount: | C$3 million
|
| Shares: | 12 million
|
| Price: | C$0.25
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$500,000
|
| Units: | 2.5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
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