VANCOUVER, July 16 /PRNewswire-FirstCall/ -- Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) ("the Company") announces that in addition to the non-brokered private placement of units previously announced on June 13, 2007, it has initiated an additional non-brokered private placement.
Under the private placement announced June 13, the Company has placed a total of 12,500,000 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 13,750,000 units, for additional proceeds to the Company of $16.5 million. Total gross 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, British Columbia, 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.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"David Hodge"
David Hodge
President and Director
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein
CONTACT: Suite 1450 - 789 West Pender Street, Vancouver, B.C., V6C 1H2, Tel: (604) 484-2700, Fax: (604) 681-8240, Toll Free: 1-866-484-2700; http://www.commerceresources.com/
© 2007 PR Newswire
