Commerce Resources Completes C$2.15 Million Private Placement

Commerce Resources Corp. has announced the completion of its non-brokered private placement of secured convertible notes, raising approximately C$2.15 million. The notes carry an interest rate of 20.0% per annum and are set to mature on May 12, 2027. The company intends to use the proceeds for ongoing studies related to the development of the Ashram Project and for working capital during discussions with Mont Royal Resources Limited.

If certain conditions are met within 12 months, the principal will automatically convert into common shares. In the absence of a successful transaction within this timeframe, note holders have the option to convert their investment at a predetermined price. Commerce Resources also paid a finder's fee to Alpha Node Capital and issued warrants related to this placement. The transaction is subject to final acceptance by the TSX Venture Exchange.