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Commerce Resources Corp. Announces Closing of Final Tranche of Private Placement

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Commerce Resources Corp. Announces Closing of Final Tranche of Private Placement

 

 

 

 

 

Commerce Resources Corp. (TSX-V:CCE) (FSE:D7H) announces that, further to its News Releases dated October 4, 2019 and October 11, 2019, it has closed the final tranche  of the non-brokered private placement financing of up to 11,538,461 units at a price of $0.26 per Unit for gross proceeds of up to $3,000,000. The Company has raised a total of $2,515,279.78 from the closing of the first tranche and Final Tranche of the Financing.

 

The Final Tranche consisted of 646,153 Units of the Company at a price of $0.26 per Unit for gross proceeds of $167,999.78. Each Unit consists of one common share of the Company and one common share purchase warrant, with each Warrant entitling the holder to purchase one Share at a price of $0.35 per Share for the first year, and $0.50 for the second year following the closing of the Offering .

 

For the Final Tranche, the Company paid cash finder’s fees of $3,149.98 to certain finders.

 

All securities issued in the Final Tranche, and the Shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring March 1, 2020.

 

About Commerce Resources Corp.

 

Commerce Resources Corp. 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 Upper Fir Tantalum-Niobium Deposit in British Columbia.

 

Posted November 7, 2019

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