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VANCOUVER, Dec. 12, 2012 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company" or "Commerce") is
pleased to announce that it has closed a brokered private placement
(previously announced November 26, 2012) with Marquest Capital Markets
and Casimir Capital Ltd. (the "Agents") in the amount of 6,438,890
flow-through eligible units (the "FT Units") at a price of $0.18 per FT
Unit for gross proceeds of $1,159,000.20 (the "Brokered Private
The FT Units consist of one flow-through common share (a "FT Share") and
one half of one non-transferable share purchase warrant (each, a
"Warrant"). One whole Warrant will entitle the holder to purchase one
additional common share (a "Warrant Share") of the Company at a price
of $0.25 per Warrant Share until June 11, 2014. The FT Units, FT
Shares, Warrants and Warrant Shares are subject to a hold period
expiring on April 12, 2013.
The Company paid the Agents a cash commission of 8% of the gross sales
of Brokered FT Units and issued 8% of the number of Brokered FT Units
sold in options (the "Agents' Option") to purchase additional common
shares (the "Agents' Option Share"), with each Agents' Option being
exercisable at a price of $0.25 per Agents' Option Share until June 11,
The Company also announces that it has closed a non-brokered private
placement of 7,336,664 FT Units for gross proceeds of $1,320,599.70(the
"Non-Brokered Placement"). The FT Units were issued at the same price
and on the same terms as the Brokered Private Placement. No finder's
fee or commissions were paid.
The proceeds from the Brokered Private Placement and Non-Brokered
Placement will be utilized for qualified exploration expenditures on
the Company's Blue River Tantalum and Niobium, and Eldor Rare Earth
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with
a particular focus on rare metal and rare earth element deposits with
the potential for economic grades and large tonnages. The Company is
focused on the development of its Upper Fir Tantalum and Niobium
Deposit in British Columbia and the Ashram Rare Earth Element Deposit
in northern Quebec.
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 policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Commerce Resources Corp.
For further information:
President and Director
Tel: 604 484 2700