Source Exploration Corp. Closes Non-Brokered Private Placement
May 16 2014 - 5:13PM
Marketwired
Source Exploration Corp. Closes Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2014) -
Source Exploration Corp. ("Source" or the "Company")
(TSX-VENTURE:SOP) is pleased to announce that it has closed its
previously announced non-brokered private placement (the "Private
Placement") of 10,257,166 units (the "Units") at a price of $0.12
per Unit for gross proceeds of $1,230,859.90.
Each Unit consisted of one common share of the Company and one
common share purchase warrant (a "Warrant"). Each Warrant entitles
the holder to purchase one common share of the Company at a price
of $0.20 per common share until May 15, 2019.
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: (i)
paid an aggregate of $62,086 in finder's fees to certain arm's
length parties, representing 6% of the proceeds received from
subscribers that were introduced by such parties; and (ii) issued
an aggregate of 517,380 warrants (the "Finder's Warrants") to
purchase 517,380 common shares of the Company, representing 6% of
the Units that were sold to subscribers introduced by such parties.
The Finder's Warrants have the same terms as the Warrants.
The securities issued under the Private Placement are subject to
a hold period under applicable Canadian securities laws 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.
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.
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 the
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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