HALIFAX, March 14, 2013 /CNW/ - Stockport Exploration (TSX: SPT) (OTC: LMTCF) is pleased to announce that it has closed its previously announced non-brokered private placement ("Private Placement") of 5,197,160 shares at a price of $0.10 per share for aggregate gross proceeds of $519,716. The placement, initially announced at $500,000, was oversubscribed due to quick demand.
"This financing was marketed exclusively in Kenya. Adding Kenyan investors to our shareholder base is a significant step for us." said Jim Megann, Stockport Exploration President and CEO. "We are very much committed to working in Kenya for the foreseeable future. Together these new investors, with our new board member Zeph Mubuga, are aligning Stockport's interests with Kenya's interest."
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.
Net proceeds of the Private Placement will be used for exploration of the Company's Kenyan property package and working capital.
The Private Placement is subject to final Toronto Stock Exchange approval. All securities to be issued pursuant to the private placement will be subject to a four-month hold period.
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, including Lode-Au and Cu-Zn-Au-Ag massive sulphide types. Stockport also holds the La Morena Copper-Silver property in Coahuila, Mexico, the Seymour Lake Tantalum-Lithium-Beryllium property near Armstrong, Ontario, and the KM61 property, which hosts a 43-101 Compliant Molybdenum-Copper-Silver Resource, also near Armstrong, Ontario.
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.
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