Acquisition of Securities of Canadian International Minerals Inc.
VANCOUVER, Nov. 15, 2011 /CNW/ - Commerce Resources Corp. (TSXV: CCE) (FSE: D7H), (OTCQX: CMRZF) ("Commerce") advises, pursuant to
National Instrument 62-103 in connection with the filing of an Early
Warning Report, that it has acquired securities of Canadian
International Minerals Inc. (the "Issuer"), a British Columbia company
with its common shares trading on the TSX Venture Exchange under the
On November 15, 2011, Commerce acquired ownership of 8,000,000 common
shares (the "Common Shares") in the capital of the Issuer at a deemed
issue price of $0.095 per Common Share pursuant to the terms of an
Amended Option Agreement dated September 23, 2011 and an Option
Agreement dated January 15, 2009 (collectively, the "Option
Commerce now has sole ownership and control of 11,500,000 Common Shares
and 2,000,000 one-half of one share purchase warrants (the "Warrant").
Each whole Warrant will entitle the holder to purchase one additional
common share (a "Warrant Share") of the Issuer at a price of $0.25 per
Warrant Share for the first year and $0.30 per Warrant Share for the
The 11,500,000 Common Shares owned by Commerce represent 15.9% of the
Common Shares issued and outstanding as of November 15, 2011 of the
Issuer on a non-diluted basis.
The Common Shares acquired were acquired over the facilities of the TSX
Venture Exchange. Commerce acquired the Common Shares and Warrants of
the Issuer in connection with the closing of the Option Agreement.
Commerce intends to monitor the business and affairs of the Issuer,
including its financial performance, and depending upon these factors,
market conditions and other factors, Commerce may acquire additional
securities of the Issuer as it deems appropriate. Alternatively,
Commerce may dispose of some or all of the Common Shares in privately
negotiated transactions or otherwise.
Commerce relied on Section 2.13 of National Instrument 45-106 Prospectus and Registration Exemptions.
The issuance of this news release is not an admission that an entity
named in the news release owns or controls any described securities or
is a joint actor with another named entity.
About Commerce Resources Corp.
Commerce Resources Corp. is focused on building shareholder value
through the discovery and development of Canadian rare metal and rare
earth element deposits. Commerce's principal assets are its Blue River
Tantalum-Niobium Project in British Columbia and its Eldor Rare Earth
Project in Quebec. Commerce Resources Corp. trades on the TSX Venture
Exchange under the symbol "CCE", the Frankfurt Stock Exchange under the
symbol "D7H" and the U.S. OTCQX under the symbol "CMRZF."
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
David Hodge 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.
For further information:
on Commerce Resources Corp. visit the corporate website at http://www.commerceresources.com or contact investor relations at 1.866.484.2700 or email@example.com.