/NOT FOR DISTRIBUTION TO UNITED
STATES NEWS SERVICES OR DISSEMINATION./
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
TORONTO, April 23, 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 flow-through private placement on a non-brokered basis
(the "Private Placement"). The Corporation intends to
raise up to approximately $250,000 in
gross proceeds by issuing up to approximately 2,500,000
flow-through shares (the "FT Shares") at a price of
$0.10 per FT Share.
Each FT Share will be a common share of the Corporation issued
as a "flow-through share" (as defined in subsection 66(15) of the
Income Tax Act (Canada) (the
"Tax Act")).
As at the date hereof, the Corporation has accepted subscription
agreements for the Private Placement in aggregate gross proceeds of
approximately $200,000.
The gross proceeds 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 FT Shares in an
aggregate amount not less than the gross proceeds raised from the
issue of 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. Each finder's warrant will entitle the holder thereof to
acquire one non flow-through common share of the Corporation at a
price of $0.13 per share for a period
of 24 months from the date of issuance.
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 April 24, 2019, 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 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 now has 140,870,084 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.
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.