October 16, 2006
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“Commerce”) is pleased to announce that it has completed the second and final tranche of its private placement. A total of 12,944,477 units were sold to 195 placees at a price of $0.30 per unit.
3,426,999 units were issued in this second tranche, each unit consisting of one common share and one share purchase warrant entitling the holder to purchase one common share of Commerce at a price of $0.45 per share until October 13, 2007. The common shares comprising the units bear a four month hold period, expiring on February 13, 2007. Finder’s fees totaling $17,832.50 were paid in relation to the second tranche of the private placement.
Commerce raised total proceeds of $3,883,343 which will fund its ongoing exploration and development of the 100% owned Blue River Tantalum/Niobium Project and for general working capital.
About Commerce Resources Corp. (http://www.commerceresources.com)
Commerce Resources Corp. continues to maintain its focus on the development and exploration of its Fir and Verity tantalum and niobium projects covering 49 square kilometers in British Columbia, Canada. Commerce is one of the most active tantalum explorers in North America, conducting detailed exploration of its Fir and Verity deposits. Exploration to date at the Fir deposit has outlined an indicated resource of 5.65Mt with 203.1g/t Ta2O5 and 1,047g/t Nb2O5 (Verzosa, 2003). The Verity deposit, 10 km north of the Fir property, is estimated to host an inferred resource of 3.06Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001).
Detailed information on both resource estimates for the deposits may be viewed in the company’s public disclosure on SEDAR.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.