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Commerce Resources Corp (2)
Symbol CCE
Shares Issued 168,021,555
Close 2024-05-17 C$ 0.11
Market Cap C$ 18,482,371
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Commerce Resources enters deal to sell Blue River

2024-05-21 12:24 ET - News Release

Mr. Chris Grove reports

COMMERCE RESOURCES ENTERS INTO AGREEMENT TO SELL ITS BLUE RIVER PROPERTY

Commerce Resources Corp. has elected to dispose of the Blue River assets (as defined below) by pursuing a sale of the property to a third party.

Company president Chris Grove states: "We believe that focusing exclusively on our claims in Quebec with the significant opportunities of both our Ashram REE/fluorspar deposit and our highly prospective niobium claims -- on which we plan to drill this year -- makes the best sense for the company. We also believe that the Blue River claims will be effectively stewarded by the management of Capacitor Metals."

The company clarifies that, further to its news release dated June 22, 2023, it will no longer proceed with a spinout of its Blue River assets (as defined below) pursuant to a proposed statutory plan of arrangement, as previously disclosed.

The company has entered into a property purchase agreement with an arm's-length private company (the purchaser) to sell its interest in certain mineral claims comprising the Blue River property located near Blue River, B.C. As part of the transaction, the sale will also include certain real property owned by the company also located in Blue River, B.C. As consideration for the Blue River assets, the company will receive 20 million common shares in the capital of the purchaser at a deemed price of five cents per share. Completion of the Blue River transaction is subject to the conditions set forth in the purchase agreement, including, if required, acceptance by the TSX Venture Exchange.

It is the company's current intention to distribute the Blue River shares to its shareholders on a pro rata basis at a later date. Any disposition of the Blue River shares will, if undertaken, be conducted in compliance with applicable corporate and securities laws, and the policies of the TSX Venture Exchange.

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 (neodymium-praseodymium) 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 (greater than 45 per cent rare earth oxide) mineral concentrates at high recovery (greater 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.

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