February 14, 2017 – Source Exploration Corp. ("Source" or the "Company") (TSX-V: SOP) is pleased to announce, further to its news releases dated September 28, 2016, November 30, 2016 and January 5, 2017, that it has now arranged a non-brokered private placement (the "Private Placement") of up to 12,333,333 units of the Company (the "Units") at a price of $0.15 per Unit for gross proceeds of up to approximately $1.85 million to replace the second tranche of the previously announced non-brokered private placement. Each Unit will consist of one common share of the Company (a "Common Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.25 per Common Share for a period of twenty-four months from the closing date of the Private Placement (subject to acceleration of the expiry date).
The other terms of the Private Placement, including the use of proceeds, the payment of cash finder's fees and issuance of non-transferable finder's warrants (the "Finder's Warrants") to certain arm's length parties, and the terms of the Warrants and Finder's Warrants, remain the same as the terms of the previously announced non-brokered private placement.
Closing of the Private Placement is anticipated to occur on or around February 21, 2017. The Private Placement is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. The securities issued under the Private Placement will be 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.
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 skarn systems known in Mexico and has a strong production history that dates back to the Aztec era.
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Original Article: http://www.sourceexploration.com/upload/2017/2017-02-14-News-Release.pdf
