Source Exploration (SOP-V) Jan 20, '14 is pleased to announce that it has closed its non-brokered private placement previously announced on December 13, 2013. The Company has raised $386,250 through the issuance of 5,150,000 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 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. |
