Commerce Resources Corp. announced on Monday a non-brokered private placement of about 14 million flow-through shares at a price of $0.25 per FT Share and over 4 million non-flow-through units at $0.24 per Unit for total gross proceeds of $4.5 million.
The proceeds of the private placement will be used to advance the company’s Ashram rare earth deposit in Quebec, its Blue River tantalum-niobium project, and for general working capital.
All the securities issuable will be subject to a four-month hold period from the date of closing.
The private placement is subject to the approval of the TSX Venture Exchange.