Commerce Resources Corp. Announces Closing of Private Placement
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Commerce Resources Corp. Announces Closing of Private Placement
December 19, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0) (the “ Company” or
“Commerce”) is pleased to announce that it has completed its previously announced non -brokered
private placement (the “Offering”), as described in its News Release dated August 16, 2022, pursuant to
which it has issued an aggregate of 8,192,175 units (each, a “Unit”) at a price of $0.16 per Unit for gross
proceeds of $1,310,748. Each Unit consists of one common share in the capital of the Company (each, a
“Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into
one additional Share at a price of $0.25 per Share for a period of three years from the closing date.
The Company paid cash finder’s fees of $2,688 and issued 16,800 finder’s warrants (each, a “Finder’s
Warrant”) to certain finders in connection with the Offering. The Finder’s Warrants have the same
terms and conditions as the Warrants.
The net proceeds from the sale of the Offering will be used towards continued work on the prefeasibility
study for the Company ’s Ashram REE/ Fluorspar Deposit, the production of commercially marketable
samples of Rare Earth concentrates as requested by industry majors and for general working capital
purposes.
The securities issued under the Offering, and the shares that may be is suable on exercise of the
Warrants and the Finder’s Warrants, are subject to a statutory hold period expiring four months and one
day from the date of closing.
None of the securities sold in connection with the Offering will be registered under the United States
Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States
absent registration or an applicable exemption from the registration requirements. This news release
shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the
Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be
one of the lowest cost rare earth producers globally, with a specific focus on being a long -term supplier
of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is
characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates)
mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of
high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global
producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the
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largest fluorspar deposits globally a nd has the potential to be a long -term supplier to the met -spar and
acid-spar markets.
For more information, please visit the corporate website at www.commerceresources.com or email
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
“Chris Grove”
Chris Grove
President and Director
Tel: 604.484.2700
Email: [email protected]
Web: http://www.commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.