HALIFAX, Oct. 27, 2015 /CNW Telbec/ - Stockport Exploration Inc. (TSX: SPT) ('Stockport' or the 'Company') is pleased to announce that it has closed its previously announced non-brokered private placement of 5,000,000 units priced at $0.04 CAD per unit, for total gross proceeds of $200,000. Each unit will consist of one common share and one two-year warrant with an exercise price of $0.06.
Finders responsible for the introduction of certain investors to the Private Placement are entitled to a commission in the amount of 7.0% of the gross proceeds received from the sale of shares ("Finder's Fee") to such investors, payable in cash. Net proceeds of the private placement 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.
The private placement is subject to final Toronto Stock Exchange approval. All securities issued pursuant to the private placement are subject to a four-month hold period.
The Company is also pleased to announce that its common shares are expected to commence trading on the TSX Venture Exchange ("TSX-V") on or about November 4, 2015 under the trading symbol SPT.
"Management believes the TSX-V is more aligned to Stockport's current business activities and would be a significant cost-saving measure for the Company," said Jim Megann, Stockport's Chief Executive Officer.
The common shares of Stockport will be delisted from the Toronto Stock Exchange ("TSX") on the day prior to listing on the TSX-V, ensuring a seamless transition for Stockport's shareholders.
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