VANCOUVER, BC / ACCESSWIRE / June 26, 2020 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0) (the "Company" or "Commerce") announces that it has completed its previously announced non-brokered private placement (the "Offering"), as described in its News Release dated May 8, 2020, pursuant to which it has issued an aggregate of 6,686,939 units (each, a "Unit") at a price of $0.18 per Unit for gross proceeds of $1,203,649. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into one additional Share at a price of $0.24 per Share for a period of five years from the closing date. The Offering was oversubscribed by $203,649.
Company President Chris Grove states "I would like to express my sincere gratitude to the investors who have participated in this oversubscribed financing for Commerce Resources. This capital will be transformative in allowing us to complete top priority programs such as the impurity suppression, ahead of production, of an acid grade fluorspar sample, for delivery to industry as requested. We are very happy that long time shareholders participated so significantly, and we are very happy that new investors who understand that our Ashram REE/ Fluorspar Deposit benefits significantly from having simple mineralogy allowing us to use standard processing to great effect, found this to be an attractive investment too."
The Company paid cash finder's fees of $4,662 and issued 21,700 finder's warrants (each, a "Finder's Warrant") to certain finders in connection with the Offering. The Finder's Warrants have the same terms and conditions as the Warrants.