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TORONTO, Aug. 13, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("Laurion" or the
"Corporation") today announced that it has closed the
first tranche of its previously-announced non-brokered private
placement (the "Private Placement"), with the first tranche
consisting of an aggregate of 2,916,666 units (the "Units")
at a subscription price of $0.12 per
Unit for aggregate gross proceeds to the Corporation of
$350,000.
Each Unit consists of one common share of the Corporation to be
issued as a "flow-through share" (as defined in subsection 66(15)
of the Income Tax Act (Canada) (the "Tax Act")) (each, a
"FT Share") and one common share purchase warrant (each, a
"Warrant"). Each Warrant entitles the holder thereof to
acquire one non flow-through common share of the Corporation at a
price of $0.15 per share for a period
of 24 months from the date of issuance.
The gross proceeds allocable to the FT Shares comprising the
Units will be used for "Canadian exploration expenses" (within the
meaning of the Tax Act), which will qualify, once renounced, as
"flow-through mining expenditures", as defined in the Tax Act,
which will be renounced with an effective date of no later than
December 31, 2019 (provided the
subscriber deals at arm's length with the Corporation at all
relevant times) to the initial purchasers of Units in an aggregate
amount not less than the gross proceeds raised from the issue of
the Units which are allocable to the FT Shares.
Pursuant to applicable Canadian securities laws, all securities
issued pursuant to the first tranche of the Private Placement are
subject to a hold period of four months and one day, expiring on
December 13, 2019. The Private
Placement remains subject to the TSX Venture Exchange's final
approval.
About Laurion
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 now has 158,656,425
outstanding shares of which 60.8% are owned and controlled
by Insiders who are eligible investors under the "Friends and
Family" categories.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 44 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The Ishkoday
Project has a project-wide database (2008 to 2018) that includes
283 diamond drill holes totaling 40,729
m, geological mapping, ground geophysics, and 14,992
individual samples with assays and geochemical analysis. The
mineralization on the Ishkoday is open at depth beyond the current
core-drilling limit of -200 m from
surface, based on the historical mining to a -685 m depth, as evidenced in the past producing
Sturgeon River Mine.
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, and the use of proceeds from the Private Placement
and the completion and timing of any additional tranches of the
Private Placement. The forward-looking statements involve
risks and uncertainties. Actual events and future results,
performance or achievements expressed or implied by such
forward-looking statements could differ materially from those
projected herein including as a result of a change in the trading
price of the common shares of Laurion, the TSX Venture Exchange not
providing its final approval for the Private Placement, the
interpretation and actual results of current exploration
activities, changes in project parameters as plans continue to be
refined, future prices of gold and/or other metals, possible
variations in grade or recovery rates, failure of equipment or
processes to operate as anticipated, the failure of contracted
parties to perform, labor disputes and other risks of the mining
industry, delays in obtaining governmental approvals or financing
or in the completion of exploration, as well as those factors
disclosed in the Corporation's publicly filed documents. 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.