VANCOUVER, June 26 /CNW/ - Commerce Resources Corp. (TSXv: CCE) (FSE:
D7H) ("the Company") is pleased to announce that it has closed the first
tranche of its private placement of up to a total of 12,500,000 units at a
price of $1.20 per unit.
A total of 3,761,003 units are in the process of being issued to 23
investors in this tranche, raising initial proceeds of $4,513,203. Each unit
consists of one common share and one share purchase warrant which will entitle
the holder to purchase one common share of the Company at a price of $1.50 per
share until June 26, 2009. The common shares comprising the units will bear a
four month hold period expiring October 27, 2007. Finder's fees totalling
$8,500 and 210,833 common shares are being paid in relation to the private
Commerce Resources has now received commitments for the portion of the
private placement that was the Company's stated goal as announced on June 13,
2007. The portion that is being raised by Shoreline Pacific LLC, is in process
and the company is confident that they will be successful in closing their
institutional portion shortly.
Proceeds from the private placement will fund the Company's ongoing
exploration and development on the 100% owned Blue River Tantalum/Niobium
Project, the exploration of the recently acquired Eldor carbonatite in Quebec,
and for general working capital.
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