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VANCOUVER, Dec. 1, 2015 /CNW/ - Commerce Resources
Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company") is
pleased to announce that it has closed a first tranche of a
non-brokered flow-through private placement for gross proceeds of
$1,650,429 announced on November 24, 2015. The Company issued
15,003,900 flow-through shares ("FT Shares") at a price of
$0.11 per FT Share.
All the securities issuable will be subject to a four-month hold
period from the date of closing expiring March 28, 2016.
The proceeds of the private placement will be used in qualified
exploration expenditures at the Company's mineral properties in
Quebec.
Secutor Capital Management Corporation acted as finder in
connection with this non-brokered flow through private placement
and was paid a cash commission of $99,025.74 plus expenses, and was issued 900,234
finders' warrants (the "Finders Warrants") to acquire additional
common shares of the Company ("Finders' Warrant Shares")
exercisable at $0.11 per Finders'
Warrant Share until November 27,
2017.
About Commerce Resources Corp.
Commerce Resources
Corp. is an exploration and development company with a particular
focus on deposits of rare metals and rare earth elements. The
Company is focused on the development of its Ashram Rare Earth
Element Deposit in Quebec and the
Upper Fir Tantalum and Niobium Deposit in British Columbia.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"Chris Grove"
Chris
Grove
President
Tel: 604.484.2700
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
Statements in this document
which are not purely historical are forward-looking statements,
including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Forward-looking statements in this
news release include that the proceeds of the private placement
will be used in the development of the Company's Quebec mineral properties for the amount of
flow through funds raised.
It is important to note that actual outcomes and the Company's
actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include, but
are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices. Investors who
have indicated their investment intent may not close as expected.
Readers should refer to the risk disclosures outlined in the
Company's Management Discussion and Analysis of its audited
financial statements filed with the British Columbia Securities
Commission.
SOURCE Commerce Resources Corp.