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
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
SOURCE STOCKPORT EXPLORATION INC.
For further information:
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