Commerce Resources Corp. Announces Closing of $2.5 Million Brokered Private Placement
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VANCOUVER, March 14, 2014 /CNW/ - Commerce Resources Corp. (TSXV: CCE) (FSE: D7H) (the "Company") is pleased to announce it has closed a private placement of 8,425,652 flow-through units ("FT Units") at a price of $0.23 per FT Unit and 3,012,500 units ("Units") at $0.20 per Unit for gross proceeds of $2,540,400. The private placement was previously announced on March 10, 2014 with Secutor Capital Management Corporation (the "Agent") acting as lead agent in connection with this brokered private placement.
Each FT Unit consists of one flow-through common share and one half of one non flow-through common share purchase warrant in the capital of the Company. Each whole share purchase warrant (a "Warrant") is exercisable into one common share of the Company for a period of 18 months from closing at a price of $0.35 per common share.
Each Unit consists of one common share and one half of one Warrant.
The Company has paid the Agent a cash commission of $174,228, plus expenses. In addition, the Company granted a total of 571,908 compensation options to acquire common shares of the Company exercisable at $0.35 per share for 18 months from closing.
All the securities issuable will be subject to a four-month hold period from the date of closing.
The proceeds of the private placement will be used to advance the Company's Ashram Rare Earth Deposit and for general working capital.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include that the proceeds will be utilized for further exploration of the Company's Ashram Rare Earth Deposit and for general working capital.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Investors who have indicated their investment intent may not close as expected. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE Commerce Resources Corp.For further information: David Hodge, President and Director, Tel: 604 484 2700, TF: 866.484.2700, Email: email@example.com, Web: http://www.commerceresources.com