/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
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UNITED STATES./
TORONTO, March 1, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK:
LMEFF) ("LAURION" or the "Corporation") today
announced that it is proposing to complete a flow-through and non
flow-through private placement on a non-brokered basis (the
"Private Placement") for approximate aggregate gross
proceeds of up to $1.5 million. Under
the flow-through portion of the Private Placement, the Corporation
intends to raise up to approximately $1.2
million in gross proceeds by issuing up to approximately
5,217,392 flow-through units (the "FT Units"). Under the non
flow-through portion of the Private Placement, the Corporation
intends to raise up to approximately $300,000 in gross proceeds by issuing up to
approximately 1,363,637 non flow-through units (the "Non-FT
Units"). Pursuant to the Private Placement, the FT Units will
be issued at a price of $0.23 per FT
Unit and the Non-FT Units will be issued at a price of $0.22 per Non-FT Unit.
Each FT Unit will consist 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 Series A common share purchase warrant
(each, a "Series A Warrant"). Each Non-FT Unit will consist
of one non flow-through common share of the Corporation and one
Series B common share purchase warrant (each, a "Series B
Warrant" and together with the Series A Warrants, the
"Warrants"). Each Warrant will be exercisable for one non
flow-through common share of the Corporation for a period of 12
months from the date of issuance. Each Series A Warrant will be
exercisable for a price of $0.25 per
share, and each Series B Warrant will be exercisable for a price of
$0.24 per share.
The gross proceeds allocable to the FT Shares comprising the FT
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, 2021 (provided the
subscriber deals at arm's length with the Corporation at all
relevant times) to the initial purchasers of FT Units in an
aggregate amount not less than the gross proceeds raised from the
issue of the FT Units which are allocable to the FT Shares. The
Corporation intends to use the net proceeds from the issue of
Non-FT 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 Series A
Warrants.
The closing of the Private Placement is subject to
the approval of the TSX Venture Exchange (the "TSXV"). 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 TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. The Corporation currently has 203,419,101
outstanding shares, of which approximately 72% of LAURION's issued
and outstanding shares 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 47 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The
mineralization on 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, in the past producing Sturgeon
River Mine. The recently acquired Brenbar Property, which is
contiguous with the Ishkoday Property, hosts the historic Brenbar
Mine and LAURION believes the mineralization to be a direct
extension of mineralization from the Ishkoday Property.
Website: http://www.LAURION .ca
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 size 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 Corporation's common shares
and/or the TSXV 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.