HALIFAX, July 3, 2015 /CNW/ - Stockport Exploration Inc. (SPT.TSX) ('Stockport' or the 'Company') is pleased to announce that it intends to complete a non-brokered private placement of up to 2,500,000 units priced at $0.04 CAD per unit, for total gross proceeds of up to $100,000. Each unit will consist of one common share and one two-year warrant with an exercise price of $0.06. The Company has approved the option to offer additional subscription receipts of up to 375,000 units for additional gross proceeds of $15,000.
Net proceeds of the offering will be used for operations of the Company's pilot gold recovery circuit at the Company's SPL 214 concession in southwestern Kenya and for working capital purposes.
Stockport is also pleased to provide an update on its pilot gold recovery circuit. As of this date, the Company is in the final stages of commissioning a tank leach recovery system. All equipment, site preparations, staff and environmental approvals are currently in place. The Company is now running system tests on the equipment and anticipates being operational in July. The Company anticipates that the pilot gold recovery system will provide Stockport with revenue potential and exploration insight of its Kenyan concessions.
The private placement is scheduled to close by July 6, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including approval and acceptance by the Toronto Stock Exchange. All securities to be issued pursuant to the private placement will be subject to a four-month hold period and no commissions will be paid in connection with the financing.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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 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. Factors that could cause actual results to differ materially from those in the forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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: Stockport Exploration Inc., Jim Megann, Chief Executive Officer, (902) 442-7192, www.stockportexploration.com