Commander Resources Ltd. Reports Completion of Consolidation and Closing of Private Placement
Vancouver, May 18, 2018 - Commander Resources Ltd. (TSXV: CMD) ("Commander") reports that, effective at the opening on May 17, 2018, Commander commenced trading on the TSX Venture Exchange on a post one-new for five-old share consolidation basis. Following the share consolidation, Commander had 23,060,514 issued and outstanding shares. Commander also reports that the non-brokered private placement announced on April 3, 2018 has closed and 12,240,258 Units at a price of $0.17 per Unit (the "Units") have been issued for gross proceeds of $2,080,843.86. Following completion of the private placement financing, Commander has 35,300,772 issued and outstanding shares.
Each Unit consisted of one common share and one transferable share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one additional common share at a price of $0.25 until May 18, 2020.
Finder's fees were paid as follows: $38,025.60 and 186,400 Finder's Warrants to Haywood Securities Inc., $63,033.00 and 308,983 Finder's Warrants to Sprott Global Resource Investments Ltd., $1,530.00 and 7,500 Finder's Warrants to Leede Jones Gable Inc. and $3,060.00 and 15,000 Finder's Warrants to PI Financial Corp. The Finder's Warrants entitle the holder to purchase one additional common share at a price of $0.25 until May 18, 2020.
Common shares issued in connection with this private placement and issuable upon exercise of Warrants and Finder Warrants are subject to a four-month restricted resale period until September 19, 2018.
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.
About Commander Resources:
Commander Resources is a Canadian focused exploration company that has leveraged its success in exploration through partnerships and sale of properties, while retaining equity and royalty interests. Commander has a portfolio of base and precious metal projects across Canada and significant equity positions in Maritime Resources Corp. and Aston Bay Holdings. 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
info@commanderresources.com
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.
Not for dissemination in the United States or through U.S. newswires