THUNDER BAY, ONTARIO--(Marketwired - March 13, 2017) - SOURCE EXPLORATION CORP. (the "Company" or "Source") (TSX VENTURE:SOP)(OTC:SRXLF)(FRANKFURT:4QW1) is pleased to announce that Palisade Global Investments Ltd. ("Palisade") has become the largest shareholder of the company by participating in the recently closed non-brokered private placement. Palisade provided the lead order of $499,950. Palisade is an offshore merchant banking and investment group, specializing in small cap, high growth investments.
"We are delighted to join the Source Exploration team in continuing to define the Las Minas project. Our team conducted significant due diligence prior to investing and firmly believe the past work and drilling spell great potential for investors. Palisade looks forward to working with management to unlock value for shareholders," stated Sean Zubick, Founding Investor, Palisade Global Investments Ltd.
"We are thrilled to welcome Palisade Global Investments as a strategic shareholder of Source, as we move the Las Minas project forward," stated Brian Robertson, President & CEO, Source Exploration Corp.
On March 6, 2017, Palisade acquired 3,333,000 units ("Units") of Source Exploration Corp. Each Unit is comprised of one common share of Source (a "Source Share") and one common share purchase warrant (a "Source Warrant"), with each Source Warrant entitling the holder to purchase one additional Source Share at a price of $0.25 per Source Share until March 3, 2019. The 3,333,000 Source Shares comprised in the Units represent approximately 12.68% of Source's issued and outstanding common shares. The 3,333,000 Source Shares and 3,333,000 Source Warrants comprised in the Units collectively represent approximately 22.50% of the issued and outstanding common shares of Source, assuming the exercise of the Source Warrants. Furthermore, Palisade agreed with the exchange and the company that it will not exercise any of the warrants comprising the units purchased by it under the private placement if such exercise would result in Palisade beneficially owning, directly or indirectly, an aggregate of 20 percent or more of the company's issued and outstanding common shares, unless the company has, prior to such time, obtained the necessary shareholder approval to the creation of a new control person (as defined by the policies of the exchange).
About Las Minas
The Las Minas Project hosts near-surface gold-silver and copper skarn mineralization and high-grade gold-silver epithermal vein deposits. The project is comprised of six mineral concessions covering approximately 1,616 hectares (3,995 acres), with several small high-grade, past-producing mines and numerous untested targets.
The district is host to one of the largest under explored gold-silver and copper skarn systems known in Mexico, and has a production history that extends back to the Aztec era. The Las Minas granodiorite intrusive measures approximately 10 kilometres in diameter and underlies the Las Minas concessions. The mineralization controls and association with magnetite appear to be similar to parts of the Guerrero Gold belt, which is the site of the Los Filos and Morelos gold deposits.
Las Minas is an early-stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets discussed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.
About Source Exploration
Source Exploration is a Canadian based mineral exploration company committed to building long-term value through ongoing discoveries and strategic acquisitions of prospective precious metals deposits in Mexico. Source is exploring the Las Minas Project, which is located in the core of the Las Minas district in the Veracruz State, Mexico. The district is host to one of the largest under explored skarn systems known in Mexico and has a strong production history that dates back to the Aztec era.
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 magnitude or quality of mineral deposits, anticipated advancement of mineral properties or programs, future operations, results of exploration, prospects, commodity and precious metals prices, future work programs, anticipated financial and operational results, capital expenditures and objectives and the completion and timing of mineral resource estimates. 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 available at www.sedar.com. 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 on 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 the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) have reviewed or accepts responsibility for the accuracy or adequacy of this release.