21:41:33 EST Sun 05 Dec 2021
Enter Symbol
or Name

Login ID:
Commerce Resources Corp (2)
Symbol CCE
Shares Issued 75,006,544
Close 2021-05-20 C$ 0.29
Recent Sedar Documents

Commerce Resources closes $2.58-million financing

2021-05-20 17:33 ET - News Release

Mr. Chris Grove reports


Commerce Resources Corp. has completed its previously announced non-brokered private placement, as described in the company's news release dated April 21, 2021, pursuant to which it has issued an aggregate of 7,836,657 units at a price of 33 cents per unit for gross proceeds of $2,586,097. The offering was oversubscribed by $586,097. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable into one additional share at a price of 44 cents per share for a period of five years from the closing date.

The company paid cash finders' fees of $85,661.40 and issued 255,920 finders' warrants to certain finders in connection with the offering. The finders' warrants have the same terms and conditions as the warrants.

The aggregate gross proceeds from the sale of the offering will be used to advance the developments of the Ashram REE (rare earth element)/fluorspar deposit and for general working capital.

The securities issued under the offering, and the shares that may be issuable on exercise of the warrants and the finders' warrants, 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 a junior mineral resource company focused on the development of the Ashram rare earth and fluorspar deposit, located in Quebec, Canada. The company is positioning to be one of the lowest-cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large-tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 45 per cent REO) mineral concentrates at high recovery (more than 70 per cent), in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets. Commerce Resources also owns the Blue River tantalum and niobium project in British Columbia, with the Upper Fir deposit, which has a significant defined resource and a positive preliminary economic assessment (PEA), released in 2011.

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