Source Exploration Corp.: $2,990,000 Non-Brokered Private Placement Completed

Source Exploration Corp. (TSXV:SOP) announced the closing of a previously announced non-brokered private placement of 11,500,000 units at a price of $0.26 per Unit for gross proceeds of $2,990,000.

As quoted in the press release:

Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each such Warrant will entitle the holder to purchase one common share of the Company at a price of $0.60 per common share until February 28, 2013, 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 $0.80 per common share for a period of 20 consecutive trading days at any time after four months from the closing date of the Offering, in which case the Warrants will expire 30 days after the date on which such notice is given.

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