Business
Source Exploration Announces Palisade Global Investments Ltd. As Major Shareholder For 12.68%
THUNDER BAY, ONTARIO--(Marketwired - March 13, 2017) - SOURCE EXPLORATION CORP. (the "Company" or "Source") (TSX VENTURE:SOP)(OTC:SRXLF)(FRANKFURT:4QW1) is plea
About this update from Mexican Gold Mining Corp.
[{"type":"text","content":"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 o...