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Due to strong investor demand for its recently announced non-brokered private placement of up to 10,000,000 units of the Company at $0.26 per Unit, Source Exploration Corp. (TSXV:SOP) has agreed to increase the size of the Offering to raise up to $2,990,000. The Offering will now include the issuance of an additional 1,500,000 Units, for a total of up to 11,500,000 Units.
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Due to strong investor demand for its recently announced non-brokered private placement of up to 10,000,000 units of the Company at $0.26 per Unit, Source Exploration Corp. (TSXV:SOP) has agreed to increase the size of the Offering to raise up to $2,990,000. The Offering will now include the issuance of an additional 1,500,000 Units, for a total of up to 11,500,000 Units.
As quoted in the press release:
Each Unit will consist of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a “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 Offering at a price of $0.60 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 $0.80 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.
The securities to be issued under this Offering will be offered by way of private placement in the provinces of Ontario and British Columbia and such other provinces of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.
Closing of the Offering is anticipated to occur on or before February 29, 2012 and is subject to receipt of all required regulatory approvals including the approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing of the Offering.
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