Commerce Resources Corp. announced on March 14 that it has closed a private placement of 8,425,652 flow-through units at a price of $0.23 per FT Unit and 3,012,500 units at $0.20 per unit for gross proceeds of $2,540,400.
The private placement was previously announced on March 10 with Secutor Capital Management Corporation acting as lead agent in connection with this brokered private placement.
Each FT Unit consists of one flow-through common share and one half of one non flow-through common share purchase warrant in the capital of Commerce Resources. Each whole share purchase warrant is exercisable into one common share of the company for a period of 18 months from closing at a price of $0.35 per common share.
Commerce Resources is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The company is specifically focused on the development of its Upper Fir tantalum and niobium deposit north of Blue River, and its Ashram rare earth project in Quebec.
The company’s shares closed on March 14 at 13.5 cents. Over the previous year the price has ranged from five cents to 26 cents per share.