HALIFAX, June 12, 2012 /CNW/ - Stockport Exploration Inc.
(TSX: SPT) (OTC: LMTCF) announces that it is increasing its non-brokered private placement, announced on May 28, 2012, from CAD$600,000 to CAD$1,100,000. Stockport also announces the extension of the closing of the private placement from June 8, 2012 to an expected closing date of on or before June 15, 2012.
In connection with the Offering, Stockport may pay finder's fees in an amount equal to 7% of the gross proceeds raised, payable in shares.
Net proceeds of the Offering will be used for exploration of Stockport's mineral properties and for working capital. Specifically, some of the funds will be directed towards a detailed program designed to further quantify the extensive quartz vein pebble lag gold deposits recently discovered on the Kamwango Grid, at the Nyanza project in Kenya (see new release of May 28, 2012).
The proposed financing is subject to the approval of the TSX.
About Stockport Exploration Corporation Inc.
Stockport is focused on the exploration of a district-scale land package along a prolific gold-hosting greenstone belt in southwest Kenya. The 2,000 km2 property package has the potential to host multiple mineral deposits. Stockport also holds the La Morena copper-silver property in Coahuila, Mexico, the Seymour Lake Tantalum-Lithium-Beryllium project in Armstrong, Ontario and the KM61 property which hosts a 43-101 Molybdenum Resource, also in Armstrong, Ontario.
This press release was prepared under the supervision of Matthew Ian Rees, M.Sc., P.Geo., VP Exploration for Stockport, who is a Qualified Person as defined under National Instrument 43-101. Mr. Rees has reviewed the scientific and technical information in this press release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The likelihood of future mining at the Nyanza Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for pits and processing facilities as well as receipt of significant additional financing to fund these objectives, as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at the Nyanza Project and there is no assurance that the mineralization at the Nyanza Project will ever be classified as ore. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com
For further information:
Jim Megann, President and CEO