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TORONTO, May 9, 2019 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") today announced that it is proposing to
complete a private placement on a non-brokered basis (the
"Private Placement"). The Corporation intends to
raise $2 million in gross proceeds by
issuing 20,000,000 units (the "Units") at a price of
$0.10 per Unit.
Each Unit will consist of one common share of the Corporation
(each, a "Common Share") and one Common Share purchase
warrant (each, a "Warrant"), with each Warrant entitling the
holder thereof to acquire one additional Common Share at a price of
$0.14 per share for a period of 24
months from the date of issuance.
As at the date hereof, the Corporation has accepted a
subscription agreement for the Private Placement in aggregate gross
proceeds of $2 million.
The Corporation intends to use the net proceeds from the issue
of Units for exploration activities and general working capital
purposes.
In connection with the Private Placement, the Corporation may
pay finders' fees in the form of cash commissions and finder's
warrants having the same attributes as the Warrants.
The closing of the Private Placement is subject to the final
approval of the TSX Venture Exchange (the "TSX-V"). The Corporation
intends to close the Private Placement in two or more tranches,
with the first tranche scheduled to close later today, subject to
receipt of all necessary regulatory approvals. All securities that
are issued pursuant to the Private Placement will be subject to,
among other things, a hold period of four months and one day in
accordance with applicable Canadian securities laws.
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSX-V under the symbol LME and on the OTCPINK
under the symbol LMEFF. LAURION has 143,470,084 outstanding shares
of which 59.4% are owned and controlled by Insiders and within the
"friends and family" category.
The Corporation's emphasis is on the development of its flagship
project, the 100% owned mid-stage Ishkoday Gold Project, and its
gold-silver and gold-rich polymetallic mineralization with a
significant upside potential.
Current exploration is focussed on the near term potential of
major near surface mineral resources in both gold and base metals
based on the network of un-developed quartz veins similar to those
observed at other gold deposits in the immediate region and in
other greenstone belts.
Mr. Jean Lafleur, P. Geo.
(APGO, OGQ), LAURION 's Technical Advisor to the Board of
Directors, is a Qualified Person as defined by National Instrument
43-101 guidelines, and has reviewed and approved the content of
this news release.
Connect with LAURION on
LinkedIn: http://ca.linkedin.com/pub/cynthia-le-sueur-aquin/17/30/4b
Follow us on Twitter: @LAURION_LME
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, including with respect to LAURION's business, operations
and condition, management's objectives, strategies, beliefs and
intentions, the completion of the Private Placement, the
anticipated timing of closing of the Private Placement, the use of
proceeds therefrom and the finder's fees that may be paid by the
Corporation in connection with the Private Placement. The
forward-looking statements involve risks and uncertainties. Actual
events could differ materially from those projected herein
including as a result of a change in the trading price of the
Common Shares, the TSX-V not providing its approval for the Private
Placement. Investors should consult the Corporation's ongoing
quarterly and annual filings, as well as any other additional
documentation comprising the Corporation's public disclosure
record, for additional information on risks and uncertainties
relating to these forward-looking statements. The reader is
cautioned not to rely on these forward-looking statements. Subject
to applicable law, the Corporation disclaims any obligation to
update these forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.