December 24, 2020 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0) (the “Company“or “Commerce”) is pleased to announce that, further to its News Release of December 18, 2020, it has completed a first tranche (the “First Tranche”) of the non-brokered private placement, pursuant to which it has issued an aggregate of 6,279,838 common shares (each, a “Share”) issued on a “flow-through”basis pursuant to the Income Tax Act (Canada) at a price of $0.31 per Share for gross proceeds of $1,946,749.79 (the “Offering”). The Company intends on closing a second tranche by December 31, 2020.
The aggregate gross proceeds from the sale of the Offering will be used to advance the developments of the Company’s Ashram REE Deposit in Quebec.
In connection with the closing of the First Tranche, the Company paid cash finder’s fees of $30,000 to one finder.
The securities issued under the First Tranche are subject to a statutory hold period expiring four months and one day from the date of closing.
About Commerce Resources Corp.
Commerce Resources Corp. 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/ Fluorspar Deposit in Quebec and the Upper Fir Tantalum-Niobium Deposit in British Columbia.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
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.