Commerce Resources Corp. Announces Closing of Flow-through Non-brokered Private Placement

VANCOUVER, December 21, 2021 - Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0) (the "Company" or "Commerce") is pleased to announce that, further to its News Release of December 15, 2021, it has completed a non-brokered private placement, pursuant to which it has issued an aggregate of 8,641,429 common shares (each, a "Share") issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) at a price of $0.28 per Share for gross proceeds of $2,419,600.12 (the "Offering").

The aggregate gross proceeds from the sale of the Offering will be used to advance the developments of the Company's Ashram REE Deposit in Quebec.

In connection with the closing of the Offering, the Company paid cash finder's fees of $126,500.00 to two finders.

The securities issued under the Offering are subject to a statutory hold period expiring four months and one day from the date of closing.

About Commerce Resources Corp.

Commerce Resources Corp. is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The Company is focused on the development of its Ashram Rare Earth Element/ Fluorspar Deposit in Quebec and the Upper Fir Tantalum-Niobium Deposit in British Columbia.

For more information, please visit the corporate website at www.commerceresources.comor email info@commerceresources.com.

On Behalf of the Board of Directors
Commerce Resources Corp.

Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: https://www.commerceresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Commerce Resources Corp.