VANCOUVER, June 3, 2011 /PRNewswire/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") of 10,388,834 common shares of the Company at a price of $0.73 per share for gross proceeds of $7.58 million.
The proceeds of the Private Placement will be used to advance the Company's exploration and development programs on its Blue River Tantalum and Niobium Project in British Columbia and its Eldor Rare Earth Project in Quebec, and for general working capital.
Securities issued pursuant to the Private Placement are subject to a four month hold period expiring October 4, 2011.
In connection with the completion of the Private Placement, the Company has paid a finder's fee in the amount of C$585,375 and 2,004,709 warrants. Each warrant is exercisable into one common share of the company at a price of $0.90 per share for a period of two years from the date of closing of the Private Placement.
About Commerce Resources Corp.
Commerce Resources Corp. is a mineral exploration and development company with a focus on deposits of rare metals and rare earth elements. Commerce is currently advancing the development of its Upper Fir Tantalum and Niobium Deposit at its Blue River Project in British Columbia and the exploration of its Eldor Rare Earth Project in northern Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
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.
SOURCE Commerce Resources Corp.