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TORONTO, April 26, 2019 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") today announced that it has closed its
previously-announced non-brokered private placement (the
"Private Placement") consisting of an aggregate of 2,000,000
flow-through shares (the "FT Shares") at a subscription
price of $0.10 per FT Share, for
aggregate gross proceeds to the Corporation of $200,000.
Each FT Share is 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")).
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 closing of the Private Placement, an
arm's-length finder received $16,000
as a cash finder's commission and 160,000 finder's warrants. Each
finder's warrant entitles 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 hereof.
Pursuant to applicable Canadian securities laws, all securities
issued pursuant to the Private Placement are subject to a hold
period of four months and one day, expiring on August 27, 2019. The Private Placement remains
subject to the TSX Venture Exchange's final approval.
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 142,870,084 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, and the use of proceeds from 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.