Commerce Resources Corp. announced on Monday that it has closed its non-brokered private placement for gross proceeds of over $5 million.
The private placement, which had been announced on Sept. 29, was to have total gross proceeds of $$4.5 million. However, it was oversubscribed and was increased due to investor demand.
The company has also received additional subscriptions it may accept on the same terms.
The proceeds of the private placement will be used to advance the company's Ashram rare earth deposit in Quebec, its tantalum-niobium project north of Blue River, and for general working capital.
All the securities issuable will be subject to a four-month hold period from the date of closing expiring Feb. 4, 2015.