Commerce Resources boosts financing to $31.5-million
2007-07-16 13:35 ET - News Release
Mr. David Hodge reports
COMMERCE RESOURCES CORP. INCREASES PRIVATE PLACEMENT TO $31.5 MILLION FOR ITS TANTALUM AND NIOBIUM PROPERTIES
Commerce Resources Corp., in addition to the non-brokered private placement of units previously reported in Stockwatch on June 13, 2007, has initiated an additional non-brokered private placement.
Under the private placement announced in Stockwatch on June 13, the company has placed a total of 12.5 million units at a price of $1.20 per unit, for gross proceeds to the company of $15-million. The additional private placement is for up to 13.75 million units, for additional proceeds to the company of $16.5-million. Total proceeds raised will be up to $31.5-million.
Each unit will consist of one common share and one share purchase warrant entitling the holder to purchase one additional common share of the company at a price of $1.50 per share for a period of two years from the date of issuance.
The proceeds of the private placement will be used to advance the company's continued exploration and development program on its tantalum and niobium properties located near Blue River, B.C., to conduct an exploration program at the newly acquired Eldor carbonatite, and for general working capital.
The offering is subject to the approval of the TSX Venture Exchange and a finder's fee may be payable in accordance with the policies of the TSX Venture Exchange.
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