on Commerce Resources Corp. (NASDAQ:CMRZF)
Commerce Resources Corp. Closes Private Placement and Raises $2,016,000
Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0) has completed its previously announced non-brokered private placement. The company raised gross proceeds of $2,016,000 through the issuance of 16,000,000 units priced at $0.126 per unit. Each unit includes one common share and one share purchase warrant, which permits the holder to buy an additional share for $0.25 within two years.
The company paid cash finder's fees of approximately $70,235 to Churchill SIG Pty Ltd. and issued 1,393,551 finder's warrants. Each finder's warrant allows Churchill to acquire one common share at $0.20 for two years. All securities are subject to a four-month hold period.
Net proceeds will fund the updated Preliminary Economic Assessment (PEA) for the Ashram REE/Fluorspar Deposit and provide general working capital. Transactions involving company insiders were categorized as "related party transactions" but were exempt from further regulatory requirements.
R. H.
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