Examining core samples from the Blue River Tantalum-Niobium Project. — Photo courtesy Commerce Resources blog Commerce Resources Corp. (TSXv: CCE, FS
Examining core samples from the Blue River Tantalum-Niobium Project. — Photo courtesy Commerce Resources blog
Commerce Resources Corp. (TSXv: CCE, FSE: D7H) has announced a non-brokered private placement of 13,925,950 flow-through shares ("FT Shares") at a price of $0.25 per FT Share and 4,283,550 non-flow-through units ("Units") at $0.24 per Unit for total gross proceeds of $4,509,539.50 (the "Private Placement").
Each Unit will consist of one non-flow-through common share and non-flow-through common share purchase warrant (a "Warrant") in the capital of the Company. Each Warrant is exercisable into one additional common share of the Company (a "Warrant Share") at a price of $0.30 per Warrant Share for a period of 18 months from issuance of the Warrants.
Secutor Capital Management Corporation will act as exclusive finder in connection with this non-brokered private placement. A 7% finders' fee will be paid in cash, and 5% finders' warrants will be issued by the Company in conjunction with the completion of the Private Placement. The finders' warrants are exercisable at $0.24 per share for a period of 18 months from the issuance of the warrants.
All the securities issuable will be subject to a four-month hold period from the date of closing. The private placement is subject to the approval of the TSX Venture Exchange.
The proceeds of the private placement will be used to advance the Company's Ashram Rare Earth Deposit, Blue River Tantalum-Niobium Project, and for general working capital.
