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VANCOUVER, Nov. 24, 2015 /CNW/ - Commerce Resources
Corp. (TSXv: CCE; FSE: D7H, OTCQX: CMRZF) (the "Company") is
pleased to announce a non-brokered flow-through private placement
for up to 23,000,000 flow-through eligible common shares at a price
of $0.11 per common share for gross
proceeds of up to $2,530,000.
This announcement amends and replaces the previous news release
dated September 2, 2015, where the
Company announced a private placement of 13,636,364 flow-through
common shares of the Company ("FT Shares") on a brokered private
placement basis at a price of $0.11
per FT Share for gross proceeds of up to $1,500,000.
The Company intends to use the net proceeds from the private
placement to incur qualified exploration expenditures on its Ashram
Rare Earth Element Deposit in Quebec.
Finder's Fees equal to 6% cash and 6% finder warrants may be
issuable in connection with this private placement. The
finder warrants will be exercisable at $0.11 per common share for a period of 24 months
from closing.
The private placement and the payment of finder's fees are
subject to approval of the TSX Venture Exchange.
About Commerce Resources Corp.
Commerce 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 Blue River
Tantalum-Niobium Deposit in British
Columbia.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"Chris Grove"
Chris Grove
President and Director
Tel: 604 484 2700
Email: info@commerceresources.com
Web: http://www.commerceresources.com
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.
Legal Notice Regarding Forward-Looking Statements
This
news release contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Statements in this news release
which are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such forward-looking statements
include, among others, the expectations and/or claims, as
applicable.
Forward-looking statements in this news release include current
expectations on completion of the Private Placement and the use of
proceeds from the Private Placement. These forward-looking
statements entail various risks and uncertainties that could cause
actual results to differ materially from those reflected in these
forward-looking statements. Such statements are based on current
expectations, are subject to a number of uncertainties and risks,
and actual results may differ materially from those contained in
such statements. These uncertainties and risks include, but are not
limited to, the strength of the Canadian economy; the price of
tantalum and niobium and rare earth elements; operational, funding,
and liquidity risks; the degree to which mineral resource estimates
are reflective of actual mineral resources; the degree to which
factors which would make a mineral deposit commercially viable are
present; and the risks and hazards associated with exploration or
development programs. Risks and uncertainties about the Company's
business are more fully discussed in the Company's disclosure
materials, including its annual information form and MD&A,
filed with the securities regulatory authorities in Canada and available at www.sedar.com and
readers are urged to read these materials. The Company assumes no
obligation to update any forward-looking statement or to update the
reasons why actual results could differ from such statements unless
required by law.
SOURCE Commerce Resources Corp.
