THUNDER BAY, ONTARIO--(Marketwired - Jan. 22, 2014) -Source Exploration Corp. ("Source" or the "Company") (TSX VENTURE:SOP) reports that David Baker, the Executive Chairman of the Company, has arranged a sale of 1,100,000 common shares of the Company ("Common Shares") at a price of $0.075 per Common Share to a third party through the facilities of the TSX Venture Exchange.
The proceeds from this sale will be used by Mr. Baker to subscribe 1,100,000 units of the Company ("Units") at a price of $0.075 per Unit on a private placement basis. Each Unit includes one Common Share and one transferrable Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share of the Company for a period of 24 months at a price of $0.125 per Common Share.
The 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 general working capital purposes.
The private placement is subject to approval by the TSX Venture Exchange and other customary conditions for a transaction of this nature. The securities issued under the private placement will be subject to a four month hold period pursuant to applicable Canadian securities laws.
About Source Exploration Corp.
Source is a Canadian based mineral exploration company committed to building long-term value through the discovery, acquisition and advancement of mineral properties. The Company holds an option on the Las Minas gold, silver and copper exploration project located within the Las Minas mining district in the State of Veracruz, Mexico. The district hosts one of the largest underexplored gold - silver - copper skarn systems known in Mexico and has a strong production history that dates back to the Aztec era.
ON BEHALF OF THE BOARD OF DIRECTORS
David Baker, Executive Chairman
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the completion of the private placement, future exploration results relating to the Las Minas project, exploration plans for the Las Minas project and the exploration potential of the Las Minas project. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.