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Source Exploration Corp. (TSXV:SOP) announced the closing of its previously announced non-brokered private placement of $1,018,000 consisting of 12,725,000 units at a price of $0.08 per Unit.
As quoted in the press release:
Each Unit consisted of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.08 per common share until February 24, 2017.
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 $31,440.00 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 393,000 warrants (the “Finder’s Warrants”) to purchase 393,000 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.
Click here to read the Source Exploration Corp. (TSXV:SOP) press release
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