Commerce Resources Corp. Closes $6.6 Million Private Placement

VANCOUVER, Sept. 14 /CNW/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company") is pleased to announce that it has increased the size of the financing announced August 11 2009 and completed a private placement of a total of 16,676,750 units at a price of $0.40 per unit for gross proceeds of $6,670,700, subject to the final approval of the TSX Venture Exchange.

Each unit will consist of one common share and one half of one share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one additional common share of the Company for two years, at a price of $0.50 per share in the first year and at a price of $0.54 per share in the second year. All securities issued will be subject to a four-month hold period. Finder's fees may be payable in accordance with the policies of the TSX.

Pope & Company, an independent brokerage firm that provides investment banking, capital markets and asset management services brokered a portion of the private placement and sold 7,021,500 units. A cash commission equal to 8% of the total proceeds raised will be paid to Pope & Company. Pope & Company will also receive broker warrants, equal to 8% of the units placed, which will be exercisable for a period of two years, at a price of $0.40 per broker warrant, into one common share and one half of one share purchase warrant. Each whole share purchase warrant issued upon exercise of the broker warrants will entitle the holder to purchase one additional common share of the Company for two years, at a price of $0.50 per share in the first year and at a price of $0.54 per share in the second year.

The remaining 9,655,250 units were sold on a non-brokered basis.

The proceeds of the private placement will be used to advance the Company's exploration and development program on its Blue River Tantalum and Niobium Project, British Columbia, to conduct exploration at the Eldor Property, Quebec, and for general working capital.

"We are very gratified by the strong investor response to the private placement," stated David Hodge, President. "The additional funds will permit us to move forward with all due haste in the development of our Blue River Project and exploration of our Eldor Project. We are strengthened by the support shown by our current shareholders as well as from institutional investors."

About Commerce Resources Corp.

Commerce Resources Corp. is an exploration and development company with a particular focus on tantalum, niobium and rare metal deposits with a potential for economic grades and large tonnages. The Company is specifically focused on the development of its Upper Fir tantalum and niobium deposit at the Blue River Project in British Columbia, Canada. For additional information, visit our website at http://www.commerceresources.com or contact investor relations at toll free: 1.866.484.2700 or email: [email protected].

    
    On Behalf of the Board of Directors
    COMMERCE RESOURCES CORP.

    "David Hodge"
    David Hodge
    President and Director
    Tel: 604.484.2700