Commerce Resources Corp. Extends Private Placement Deadline

Vancouver, BC - Commerce Resources Corp. announced that it has received approval from the TSX Venture Exchange to extend the deadline for its previously announced non-brokered private placement offering. The new deadline is set for August 26, 2024. This offering aims to raise gross proceeds of up to $2,016,000 by selling up to 16,000,000 units at a price of $0.126 per unit.

Each unit consists of one common share and one warrant. The warrant allows the holder to purchase an additional share at $0.25 for two years from the closing date. Churchill SIG Pty Ltd. will act as the exclusive lead manager for the offering, introducing potential qualified subscribers outside Canada.

Commerce Resources will compensate Churchill with a cash fee of 5% from the amount raised and will issue non-transferable share purchase warrants equivalent to 12.5% of the total number of units sold to subscribers introduced by Churchill. The proceeds will be used for the updated Preliminary Economic Assessment of the Ashram Rare Earth Elements and Fluorspar Deposit and for general working capital.