Welcome to our dedicated page for Commerce Resourc news (Ticker: CMRZF), a resource for investors and traders seeking the latest updates and insights on Commerce Resourc stock.
Commerce Resources Corp. reports developments tied to the Ashram Rare Earth and Fluorspar Deposit, a wholly owned project in Nunavik, Quebec, and related exploration on the Eldor Property. Company news commonly covers rare earth elements, fluorspar, niobium and phosphate mineral potential, including drill results from niobium prospects such as Mallard, Spoke, Moira, Loon and Northwest.
Recurring updates also address access-road and infrastructure planning, equity incentive grants, board and management changes, shareholder voting matters, material agreements, capital-structure disclosures, and operating or financial results for the company’s public securities, including CMRZF on OTCQX.
Commerce Resources Corp. announced a non-brokered private placement offering of up to 28,000,000 charity flow-through units (FT Units) at $0.18 per unit, aiming to raise up to $5,040,000. Each FT Unit includes one common share and one transferable share purchase warrant exercisable at $0.25 within two years. Peartree Securities Inc. has structured the charity arrangement. Churchill SIG Pty will act as lead manager for three months, introducing potential subscribers outside Canada for a 5% cash fee and warrants equal to 12.5% of the FT Units sold. The offering, subject to regulatory approvals, is expected to close on or around June 18, 2024. The proceeds will fund drilling programs in Nunavik, Quebec, targeting niobium. Certain insiders will participate, qualifying this as a related party transaction under MI 61-101.
Commerce Resources Corp. (OTCQX:CMRZF) has announced its 2024 summer diamond drill program at the Eldor Property, targeting niobium prospects in Quebec. The program includes 20-30 drill holes, totaling at least 7,500 meters. Focus areas are the Mallard and Miranna Prospects, known for high-grade niobium mineralization. Previous drilling at Mallard revealed promising results, including 1.00% Nb2O5 over 17.1 meters. The new drilling aims to further delineate mineralization. Miranna's initial tests in 2021 showed high-grade findings, such as 1.20% Nb2O5 over 3.1 meters. The company plans to expand on these findings during the upcoming campaign.
Commerce Resources has announced a significant update to the mineral resource estimate (MRE) for the Ashram Rare Earth & Fluorspar Deposit in Quebec. The indicated resource tonnage has increased by 164%, now standing at 73.2 Mt at 1.89% TREO and 6.6% CaF2, with inferred resources at 131.1 Mt at 1.91% TREO and 4.0% CaF2. The deposit shows high percentages of neodymium (Nd) and praseodymium (Pr), important for magnet production.
The updated MRE includes data from 28,783 meters of diamond drilling and incorporates three monazite-mineralized zones. The geological model suggests a continuous mineralized carbonatite body, enhancing the project's extraction potential. A forthcoming niobium drill program aims to explore further resource potential.
This update reinforces Ashram's status as a major rare earth element (REE) deposit, with high strategic value due to its favorable element distribution. The company plans ongoing work to unlock the deposit's full potential.
Commerce Resources has announced its intention to sell its Blue River property in British Columbia to an arm's length private company, Capacitor Metals. This decision aligns with Commerce's strategy to focus on its Quebec assets, including the Ashram REE/Fluorspar Deposit and prospective niobium claims. The sale includes mineral claims and real property in Blue River, and Commerce will receive 20 million common shares of the Purchaser valued at $0.05 per share. The company plans to distribute these shares to its shareholders pro rata. Completion of the transaction is contingent on conditions in the Purchase Agreement and may require TSX Venture Exchange approval.
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