Company sells 23 million flow-through common shares at C$0.11 per share
By Devika Patel
Knoxville, Tenn., Dec. 1 – Commerce Resources Corp. said it raised C$1.65 million in the first tranche of a C$2.53 million non-brokered private placement of stock. The deal priced on Nov. 24.
The company is selling 23 million flow-through common shares at C$0.11 apiece. The price per share is a 37.5% premium to the Nov. 23 closing share price of C$0.08. Commerce sold 15,003,900 shares in the first tranche.
Proceeds will be used for exploration.
Commerce Resources is a rare metals and rare earth elements exploration company based in Vancouver, B.C.
| Issuer: | Commerce Resources Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$2.53 million
|
| Shares: | 23 million
|
| Price: | C$0.11
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 1 (for C$1,650,429)
|
| Stock symbol: | TSX Venture: CCE
|
| Stock price: | C$0.08 at close Nov. 23
|
| Market capitalization: | C$18.4 million
|
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