Mr. Chris Grove reports
COMMERCE RESOURCES CORP. ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF FLOW-THROUGH NON-BROKERED PRIVATE PLACEMENT
Commerce Resources Corp., further to its news releases of Dec. 18, 2020, and Dec. 24, 2020, has completed the second and final tranche of the non-brokered private placement, pursuant to which it has issued an aggregate of 161,291 common shares issued on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of 31 cents per share for gross proceeds of $50,000.21. The company received an aggregate of $1,996,749.99 from the first and second tranches of the offering.
The aggregate gross proceeds from the sale of the offering will be used to advance the developments of the company's Ashram rare earth element (REE) deposit in Quebec.
The securities issued under the offering are subject to a statutory hold period expiring four months and one day from the date of closing.
About Commerce Resources Corp.
Commerce Resources 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/fluorspar deposit in Quebec and the Upper Fir tantalum-niobium deposit in British Columbia.
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