VANCOUVER, June 14 /CNW/ - Commerce Resources Corp. (TSXv: CCE)
(FSE: D7H) ("the Company") announces a private placement of up to 12,500,000
units for gross proceeds of $15 million. The units will be issued at a price
of $1.20 per unit. Each unit will consist of one common share and one share
purchase warrant entitling the holder to purchase one additional common share
of the Company at a price of $1.50 per share for a period of two years from
the date of issuance. The offering is subject to the approval of the TSX
Venture Exchange. A finder's fee may be payable in accordance with the
policies of the TSX Venture Exchange.
Shoreline Pacific, LLC will act as placement agent for $9 million of the
offering. Shoreline Pacific is an investment bank based in San Francisco,
California, and is focused on natural resource companies. With a strong
network of institutional investors, Shoreline Pacific has raised almost
$2 billion in financings for 85 companies in multiple industries over the last
The proceeds of the private placement will be used to advance the
Company's continued exploration and development program on its tantalum and
niobium properties located near Blue River, British Columbia, to conduct an
exploration program at the newly acquired Eldor Carbonatite, and for general
About Commerce Resources Corp.
Commerce Resources Corp.'s stated goal is to become the world's next
source of tantalum and niobium. Commerce is the most active tantalum and
niobium explorer in North America, with a focus on developing its Upper Fir
deposit into production.
Exploration to date at the Upper Fir deposit has outlined an indicated
resource of 8.6Mt with 208.2 g/t Ta(2)O(5) and 1,372.6 g/t Nb(2)O(5) and an
inferred resource of 5.5Mt with 208.2 g/t Ta(2)O(5) and 1,349.9 g/t Nb(2)O(5)
(Gorham, 2007). Exploration to date at the Fir deposit has outlined an
indicated resource of 5.65Mt with 203.1g/t Ta(2)O(5) and 1,047g/t Nb(2)O(5)
(Verzosa, 2003). The Fir is also host to an inferred resource of 6.7Mt with
196g/t Ta(2)O(5), 646g/t Nb(2)O(5) and 3.20% P(2)O(5) (McCrea, 2001). The
Verity deposit, 10 km north of the Fir property, is estimated to host an
inferred resource of 3.06Mt with 196g/t Ta(2)O(5), 646g/t Nb(2)O(5) and 3.20%
P(2)O(5) (McCrea, 2001).
Previous exploration at the recently acquired Eldor Carbonatite returned
results ranging from (greater than)1.0% to 11.4% Nb(2)O(5) ((greater
than)10,000 g/t to 110,000 g/t Nb(2)O(5)) and from (greater than)0.01% to
0.21% Ta(2)O(5) (100 g/t to 2,100 g/t Ta(2)O(5)). Commerce plans to conduct an
extensive program of exploration on the Eldor Carbonatite this summer.
Detailed information on both resource estimates for the deposits may be
viewed in the company's public disclosure on SEDAR.
On Behalf of the Board of Directors
President and Director
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein
For further information:
For further information: on Commerce Resources Corp. and the Blue River
Tantalum-Niobium Property, visit the corporate website at
www.commerceresources.com, or contact Investor Relations at (604) 484-2700 or
toll free at (866) 484-2700