Source Exploration Corp. Closes Non-Brokered Private Placement of Up to $386,250
20 Gennaio 2014 - 4:44PM
Marketwired
Source Exploration Corp. Closes Non-Brokered Private Placement of
Up to $386,250
THUNDER BAY, ONTARIO--(Marketwired - Jan 20, 2014) - Source
Exploration Corp. ("Source" or the "Company") (TSX-VENTURE:SOP) is
pleased to announce that it has closed its non-brokered private
placement previously announced on December 13, 2013 (the "Private
Placement"). The Company has raised $386,250 through the issuance
of 5,150,000 units (the "Units") at a price of $0.075 per Unit.
Each Unit consists of one common share of the Company and one
common share purchase warrant (each whole warrant, a "Warrant").
Each Warrant will entitle the holder to purchase one common share
of the Company for a period of twelve months from the closing date
of the Private Placement at a price of $0.125 per common share,
provided that the Company will have the right to accelerate the
expiry date on notice to the Warrant holders if the closing price
of its common shares on a stock exchange in Canada is higher than
$0.15 per common share for a period of 20 consecutive trading days
after four months from the closing date of the Private Placement,
in which case the Warrants will expire 30 days after the date on
which such notice is given.
The proceeds from
the Private Placement will be used to continue exploration on the
Company's Las Minas project located in the State of Veracruz,
Mexico, and for general working capital purposes.
In connection with
the Private Placement, the Company has paid an aggregate of $22,050
in finder's fees to certain arm's length parties, representing 6%
of the proceeds received from subscribers that were introduced by
such parties.
Securities issued under the Private Placement will be subject to
a four month hold period which will expire four months and one day
from the date of closing of the Private Placement. The Private
Placement is subject to final acceptance by the TSX Venture
Exchange and other customary conditions for a transaction of this
nature.
About Source
Exploration Corp.
Source is a Canadian
based mineral exploration company committed to building long-term
value through the discovery, acquisition and advancement of mineral
properties. The Company holds an option on the Las Minas gold,
silver and copper exploration project located within the Las Minas
mining district in the State of Veracruz, Mexico. The district
hosts one of the largest underexplored gold - silver - copper skarn
systems known in Mexico and has a strong production history that
dates back to the Aztec era.
ON BEHALF OF THE BOARD OF DIRECTORS
David Baker, Executive Chairman
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
information that may constitute "forward-looking information" under
applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements about
future, exploration results relating to the Las Minas project,
exploration plans for the Las Minas project and the exploration
potential of the Las Minas project. Forward-looking information is
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking information, including the risks
identified in the Company's disclosure documents. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information contained in this press release is
given as of the date hereof and is based upon the opinions and
estimates of management and information available to management as
at the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
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.
Source Exploration Corp.David BakerExecutive
Chairman604-817-4211807-474-4272info@sourceexploration.comwww.sourceexploration.com
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