Source Exploration Corp. (TSXV:SOP) reported that its previously announced private placement has been oversubscribed. The Company announces an increase to the private placement, and will issue up to a total of 12,725,000 Units at a price of $0.08 per Unit for gross proceeds of $1,018,000.
As quoted in the press release:
Source Exploration Corp. (“Source” or the “Company”) (TSX VENTURE:SOP) is pleased to announce an update to the previously announced non-brokered private placement (the “Private Placement”) of up to 10,000,000 units of the Company (the “Units”) consisting of one common share of the Company and one half of one common share purchase warrant (each whole warrant a “Warrant”) at a price of $0.08 per Unit for gross proceeds of up to $800,000. The Private Placement has been oversubscribed and the Company will increase the size of the Private Placement to issue up to a total of 12,725,000 Units at a price of $0.08 per Unit for gross proceeds of $1,018,000. All conditions previously announced will remain the same in the revised offering.