VANCOUVER, May 30, 2011 /CNW/ - Commerce Resources Corp. (TSXv: CCE;
FSE: D7H; OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to
announce that it has arranged a non-brokered private placement (the
"Private Placement") of 10,388,834 common shares of the Company at a
price of $0.73 per share for gross proceeds of $7.5 million.
The securities issued pursuant to the Private Placement will be subject
to a four-month hold period from the date of closing. The Private
Placement is subject to the approval of the TSX Venture Exchange. A
finders fee will be paid in connection with the funds raised in the
Private Placement in a combination of cash and warrants.
The proceeds of the Private Placement will be used to advance the
Company's exploration and development programs on its Blue River
Tantalum and Niobium Project in British Columbia and its Eldor Rare
Earth Project in Quebec, and for general working capital.
About Commerce Resources Corp.
Commerce Resources Corp. is a mineral exploration and development
company with a focus on deposits of rare metals and rare earth
elements. Commerce is currently advancing the development of its Upper
Fir Tantalum and Niobium Deposit at its Blue River Project in British
Columbia and the exploration of its Eldor Rare Earth Project in
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
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 receiving TSX Venture
Exchange approval of the private placement and the subsequent
completion of the private placement of 10,388,834 common shares, and
that the proceeds of the private placement being used to advance the
continued exploration and development of both the Blue River Project
and the Eldor Project 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 economic, competitive, governmental, environmental and
technological factors may affect the Company's operations, markets,
products and prices. Factors that could cause actual results to differ materially may include
that we may not receive regiulatory approval for our placement, that we
may not be able to get equipment or labour as we need it; that our
applications to drill may be denied; that weather, logistical problems
or hazards may prevent us from exploration; that equipment may not work
as well as expected; that we may decide to use the funds for other
purposes such as better exploration prospectus if such opportunity
arises; and that despite encouraging data there may be no commercially
exploitable mineralization on our properties. 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.
For further information:
please visit the corporate website at http://www.commerceresources.com or contact investor relations at 1.866.484.2700 or firstname.lastname@example.org