Source Exploration Closes Non-Brokered Private Placement

http://www.marketwired.com/press-release/source-exploration-closes-non-brokered-private-placement-2200506.htm

Source Exploration Corp. (“Source” or the “Company“) (TSX VENTURE:SOP) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement“) consisting of approximately 12,333,333 units of the Company (the “Units“) at a price of $0.15 per Unit for gross proceeds of approximately $1.85 million. 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 March 3, 2019 (subject to acceleration of the expiry date as described below).

The net 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 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.

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