Commander Receives $1,035,000 from Sale of Shares of Maritime Resources
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") reports that it has entered into an agreement to sell 4,500,000 shares of Maritime Resources Corp. ("Maritime") to Rambler Metals Canada ("Rambler") through a private transaction. The shares are being sold to Rambler at a price of $0.23 per share with net cash proceeds to Commander of $1,035,000. Following completion of this transaction, which is expected to close on February 15 2012, Commander will hold 12,500,000 shares of Maritime, which represents 47% of the issued and outstanding shares of Maritime. Commander also retains a 2% NSR on future production from portions of the Green Bay Property, Newfoundland, which is wholly owned by Maritime.
Eric Norton, President and CEO of Commander states: "With this sale, Commander has realized immediate and significant value, providing cash to the treasury without any shareholder dilution. Commander continues to be exposed to the future upside of Maritime through its remaining equity stake and a royalty on future production from the Green Bay Property."
COMMANDER RESOURCES LTD. is a diversified exploration company that employs project generation and leverage strategies to develop Canadian resources for, either, sale or joint venture. By employing this strategic approach Commander is able to systematically enhance shareholder value while managing the risk associated in exploration and development.
COMMANDER trades on the TSX Venture Exchange under the symbol "CMD". For additional information, please visit the Company's website at http://www.commanderresources.com.
On behalf of the Board of Directors,
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
Jay J. Bedard, President
Envoy Strategic Partners
T: 416 977-7778
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.