Commerce Resources (CCE.V) has now closed a second tranche of its previously announced short-form prospectus offering. This second tranche resulted in a cash inflow of C$277,500, bringing the total proceeds of both tranches to in excess of C$800,000.
This will enable the company to start its field program at Ashram, and Commerce expects to spend 8-10 weeks on the property, focusing on collecting the necessary environmental baseline data, hydrogeological test work and the completion of 14 (shallow) drill holes for a total of 1,600 meters. One of these holes will be a bit deeper targeting a gravity anomaly at a depth of approximately 200-300 meters. Commerce is very interested in this specific anomaly as there’s a chance it will encounter a higher grade zone which could further boost the economics of the project.
President Chris Grove gave more background information on the company’s plans in our Q&A report, which you can re-read here.
Go to Commerce’s website
The author has no position in Commerce Resources. Commerce isn’t a sponsor of the website, but parent Zimtu Capital is. Please read the disclaimer
