Source Exploration Corp. (“Source” or the “Company“) (TSX VENTURE:SOP) is pleased to announce that it has closed a tranche of its previously announced non-brokered private placement (the “Private Placement“) consisting of 5,192,500 units of the Company (the “Units“) at a price of $0.15 per Unit for gross proceeds of $778,875. Each Unit consisted of one common share of the Company (a “Common Share“) and one transferable common share purchase warrant (a “Warrant“). Each Warrant entitles the holder to purchase one Common Share at a price of $0.25 per Common Share until November 30, 2018 (subject to acceleration of the expiry date as described below).
The net proceeds from this tranche of 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 property payments, debt reduction and general working capital purposes. The exploration program will include a 2,000 to 3,000 metre drill program for definition and expansion of the Eldorado-Juan Bran mineralized zone and an initial National Instrument 43-101 resource technical report.