Source Exploration (SOP-V) May 16, '14 has closed its previously announced non-brokered private placement of 10,257,166 units at a price of 12 cents 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. Each warrant entitles the holder to purchase one common share of the company at a price of 20 cents 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:
- Paid a total of $62,086 in finders' fees to certain arm's-length parties, representing 6 per cent of the proceeds received from subscribers that were introduced by such parties;
- Issued a total of 517,380 warrants to purchase 517,380 common shares of the company, representing 6 per cent of the units that were sold to subscribers introduced by such parties.
The finders' 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. |
