06:06 AM EDT, 10/22/2025 (MT Newswires) -- Commerce Resources ( CMRZF ) and Australia-listed Mont Royal Resources have completed their merger, creating a Quebec-focused critical minerals exploration and development company.

The merger, under which Mont Royal acquired all of Commerce's issued and outstanding common shares, combines Commerce's Ashram rare earths and fluorspar project and Eldor niobium exploration project and Mont Royal's Northern Lights lithium project.

Holders of Commerce shares received 2.3271 Mont Royal shares for each Commerce share held. Immediately after the effective time of the merger transaction, all Mont Royal shares were consolidated on the basis of 0.2195 post-consolidation Mont Royal shares for each one pre-consolidation Mont Royal share.

Mont Royal will be dual-listed on the TSX Venture Exchange and the Australian Securities Exchange and Commerce's shares will be delisted from the TSXV by the end of October.

Mont Royal raised A$10.0 million by issuing Mont Royal shares through a public equity offering in Australia on a post-consolidation basis. The net proceeds will be used to advance the preliminary economic assessment at the Ashram project, while also advancing the Eldor niobium project and the exploration pipeline at the Northern Lights project.

Mont Royal's board is now composed of Cameron Henry as non-executive chairman; Jeremy Robinson, Adam Ritchie and Ronnie Beevor as non-executive directors; and Nick Holthouse as managing director. Joel Ives is the CFO and corporate secretary.