VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2013) - LONG HARBOUR EXPLORATION CORP. (TSX VENTURE:LHC) (the "Company") is pleased to announce that it is undertaking a non-brokered unit private placement at a price of $0.15 per unit, for gross proceeds of up to $500,000. Each unit will consist of one common share and one-half share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share for $0.30 per share over an 18-month period.
Finders' fees by way of cash and/or finders' warrants may be paid in accordance with applicable regulatory policies. The private placement is subject to regulatory approvals.
Proceeds from the private placement will be used to strengthen the Company's balance sheet and for transaction costs associated with the proposed business (the "Business") with Composite Transport Technologies ("CTT").
The $0.15 unit will allow investors to receive one share in the Company, which expects to complete a change of business in connection with the Business, as well as a share in the Company's two wholly owned uranium properties. The uranium properties are expected to be placed into a separate company prior to the change of business.
As highlighted in a November 21, 2012 news release, the Business will focus on the development and manufacturing of all composite cargo containers (unit load devices or "ULD's") for the aviation industry. The ULD's are 50% lighter, approximately 3.5x stronger and display superior fire resistance qualities versus those currently utilized. Leveraging strong networks, scientific expertise and longstanding relationships within the aviation cargo industry the Business' plans are to achieve certification, patent approval and revenues within a year of operations.
About Long Harbour Exploration
Long Harbour Exploration currently holds two uranium properties in the Athabasca Basin, the world's leading source of high-grade uranium, and has entered into a letter of intent to form a business with CTT for the development and manufacturing of composite cargo containers. As news released November 21, 2012, Long Harbour will hold 70% of the Business. Subject to TSX-V approval, the Company plans to complete a change of business for the Company.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.