Vancouver, British Columbia--(Newsfile Corp. - September 1, 2023) - Commander Resources Ltd. (TSXV: CMD) ("Commander") reports that it has closed the non-brokered private placement announced on August 3, 2023 (the "Offering"). A total of 1,937,500 units at a price of $0.08 per unit (the "Units") and 1,910,000 flow-through shares at a price of $0.10 per flow-through share (the "FT Shares") have been issued for total gross proceeds of $346,000.
Each Unit consists of one common share and one share purchase warrant (the "Unit Warrants"), with each Unit Warrant entitling the holder to purchase one additional common share at a price of $0.14 until February 1, 2025.
The gross proceeds from the Offering will be used to advance exploration on the Company's current projects and for general corporate purposes.
Insiders of Commander participated, under exemption 45-106, section 2.3, as follows: Eric Norton 250,000 Units; Vanessa Pickering 35,000 F-T Shares; Fruchtexpress Grabher GmbH & Co UG 750,000 Units. Pro Group members participated as to: Riley Skinner 150,000 FT Shares; Charlotte Skinner 200,000 Units; and Riley Gould 100,000 Units.
Finder's fees were paid as follows: $3,720 to Haywood Securities Inc. and $1,200 to Leede Jones Gable Inc.
Common shares issued in connection with this private placement and issuable upon exercise of Unit Warrants are subject to a four-month restricted resale period until January 2, 2024.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.
The completion of the private placement is subject to regulatory approval, including approval of the TSX Venture Exchange.
About Commander Resources
Commander Resources is a Canadian focused exploration company that has leveraged its success in exploration through a combination of partnerships and sole funded exploration. Commander has a portfolio of base and precious metal projects across Canada. Commander also retains royalties from properties that have been partnered, optioned, or sold.
On behalf of the Board of Directors,
Robert Cameron, P. Geo., President and CEO
For further information, please call:
Robert Cameron, President and CEO
Toll Free: 1-800-667-7866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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