Commerce Resources Announces $5 Million Private Placement

    VANCOUVER, Aug. 11 /CNW/ - Commerce Resources Corp. (TSXv: CCE) (FSE:
D7H) (the "Company") is pleased to announce that it has engaged Pope & Company
Ltd. to act as lead agent in connection with a private placement of up to
12,500,000 units at a price of $0.40 per unit.
    Each unit will consist of one common share and one half of one share
purchase warrant. Each whole share purchase warrant will entitle the holder to
purchase one additional common share of the Company for two years, at a price
of $0.50 per share in the first year and at a price of $0.54 per share in the
second year. The securities issued will be subject to a four-month hold
period. The offering is subject to the approval of the TSX Venture Exchange
(the "TSX") and a finder's fee may be payable in accordance with the policies
of the TSX.
    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
exploration at the Eldor Property, Quebec, and for general working capital.

    About Commerce Resources Corp.

    Commerce Resources Corp. is an exploration and development company with a
particular focus on tantalum, niobium and rare metal deposits with a potential
for economic grades and large tonnages. The Company is specifically focused on
the development of its Upper Fir tantalum and niobium deposit at the Blue
River Project in British Columbia, Canada.

    About Pope & Company Ltd.

    Pope & Company Limited is an independent brokerage firm providing
investment banking, capital markets and asset management services to Canadian
enterprises and individuals. Pope & Company, with roots dating back to 1934,
is one of the oldest member brokerage firms on the Toronto Stock Exchange. For
more information about Pope & Company Ltd., please contact Russell Starr, Head
of Sales & Trading, at 416.588.6419.

    On Behalf of the Board of Directors

SOURCES CORP. "David Hodge" ------------- 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 approval of the private placement and the subsequent completion of the private placement of up to 12,500,000 units, and that the proceeds of the private placement will be 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 misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; 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 analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our property; that we may not complete environmental programs in a timely manner or at all; market prices for tantalum & niobium may not justify commercial production costs; 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:

For further information: David Hodge, President and Director, Tel: (604)

Organization Profile

Commerce Resources Corp.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890