VANCOUVER, Jan. 5, 2016 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company") is pleased to announce that it has closed a second tranche of a non-brokered private placement, originally announced on November 24, 2015, for gross proceeds of $323,796. The Company issued 2,943,600 flow-through shares ("FT Shares") at a price of $0.11 per FT Share.
Combining both tranches, the Company has issued a total of 17,947,500 FT Shares at a price of $0.11 per FT Share for gross proceeds of $1,974,225.
The Company paid a total of $116,792.50 and issued 1,061,750 warrants exercisable at $0.11 per warrant share for a period of two years to various finders.
All the securities issuable will be subject to a four-month hold period from the date of closing.
The proceeds of the private placement will be used in qualified exploration expenditures at the Company's mineral properties in Quebec.
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The Company is focused on the development of its Ashram Rare Earth Element Deposit in Quebec and the Upper Fir Tantalum and Niobium Deposit in British Columbia.
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 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 that the proceeds of the private placement will be used in the development of the Company's Quebec mineral properties for the amount of flow through funds raised.
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, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Investors who have indicated their investment intent may not close as expected. 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.
SOURCE Commerce Resources Corp.
For further information: Chris Grove, President, Tel: 604.484.2700