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TORONTO, Dec. 21, 2018 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("Laurion" or the
"Corporation") today announced that it is proposing to
complete a flow-through private placement on a non-brokered basis
(the "Private Placement"). Pursuant to the Private
Placement, the Corporation intends to raise up to approximately
$200,000 in gross proceeds by issuing
up to approximately 2,222,223 flow-through units (the
"Units"). Pursuant to the Private Placement, the Units will
be issued at a price of $0.09 per
Unit.
Each 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 common share purchase warrant (each, a
"Warrant"). Each Warrant will entitle the holder thereof to
acquire one non flow-through common share of the Corporation at a
price of $0.12 per share for a period
of 24 months from the date of issuance.
As at the date hereof, the Corporation has accepted subscription
agreements for the Private Placement in aggregate gross proceeds of
approximately $160,000.
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, 2018 (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.
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 approval of the TSX Venture Exchange (the "TSX-V"). The
Corporation intends to close the Private Placement on or about
December 28, 2018, subject to receipt
of all necessary regulatory approvals. All securities 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
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 137,965,639 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 47 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential.
The Corporation has a property-wide database of 283 diamond
drill holes totaling 40,729 m,
detailed sampling, mapping, assays and geochemical analysis, and
ground geophysics. The mineralization 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.
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.
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
Company 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 of Laurion, 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.