Commerce Resources Corp. Closes Private Placement
Vancouver, British Columbia (FSCwire) - Commerce Resources Corp. (TSXv: CCE; FSE: D7H) (the “Company”) is pleased to announce that it has completed the non-brokered private placement financing (the “Offering”) described in its News Release of April 21, 2017. In connection with the closing, the Company sold an aggregate of 15,710,508 units (each, a “Unit”) at a price of $0.06 per Unit, for gross proceeds of $942,630.48. Each Unit consists of one common share of the Company (each, a “Share”) and one share purchase warrant (each, a “Warrant”). One Warrant entitles the holder thereof to purchase one additional Share of the Company at a price of $0.075 per Share in the first year after issuance and at $0.10 per Share in the second year after issuance.
The proceeds of the Financing will be used for working capital.
The Company paid cash finders fees of $1,917.72 and issued 31,962 share purchase warrants (the “Finder’s Warrants”) to one finder in connection with certain subscriptions in the Offering. The Finder’s Warrants have the same terms as the Warrants.
The securities issued under the Offering, and the Shares that may be issuable on exercise of the Warrants and the Finder’s Warrants, are subject to a statutory hold period expiring on September 27, 2017.
None of the securities issued in connection with the financing will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Commerce Resources Corp.
Commerce is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The Company is focused on the development of its Ashram Rare Earth Element Deposit in Quebec and the Blue River Tantalum-Niobium Deposit in British Columbia.
For more information on Commerce Resources Corp., visit the corporate website at http://www.commerceresources.com or email info@commerceresources.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
Chris Grove
President and Director
Tel: 604.484.2700
TF: 866.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Commerce05292017.pdf
Source: Commerce Resources Corp. (TSX Venture:CCE, OTCQX:CMRZF, FWB:D7H)
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