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TORONTO, May 10, 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 10,000,000 units (the "Units")
at a subscription price of $0.10 per
Unit for aggregate gross proceeds to the Corporation of
$1 million.
Each Unit consists of one common share of the Corporation (each,
a "Common Share") and one Common Share purchase warrant
(each, a "Warrant"), with each Warrant entitling the holder
thereof to acquire one additional Common Share at a price of
$0.14 per share for a period of 24
months from the date of issuance. The Corporation intends to use
the net proceeds from the issue of Units for exploration activities
and general working capital purposes.
In connection with the first tranche of the Private Placement,
an arm's-length finder received $50,000 as a cash finder's commission and an
aggregate of 500,000 finder's warrants having the same attributes
as the Warrants.
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
September 10, 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 has 153,470,084 outstanding shares
of which 52.1% 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.
Connect with LAURION on
LinkedIn: http://ca.linkedin.com/pub/cynthia-le-sueur-aquin/17/30/4b
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 use of net 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 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 final
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.