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TORONTO, May 31, 2019 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF)
("Laurion" or the "Corporation"), is pleased to
announce that its upcoming Annual and Special Meeting (the
"Meeting") of shareholders (the "Shareholders") will
be held at the Valhalla Inn, 1 Valhalla Inn Road, Thunder Bay, Ontario, P7E 6J1, on Thursday, July 11, 2019 at 2:00 p.m. (Eastern time).
At the Meeting, Shareholders of record on May 31, 2019 will be asked to, among other
things: (i) fix the number of directors of the Corporation to be
elected at the Meeting; (ii) elect the directors of the
Corporation; (iii) re-appoint RSM LLP, Chartered Accountants, as
the auditors of the Corporation for the ensuing year and authorize
the directors of the Corporation to fix their remuneration and the
terms of their engagement; (iv) consider a resolution ratifying and
approving the renewal of the Corporation's rolling stock option
plan; and (v) consider an ordinary resolution of disinterested
Shareholders approving the issuance of common shares in the capital
of the Corporation ("Common Shares") to a member of
management in exchange for the settlement of certain existing debts
of the Corporation (the "Shares for Debt Transaction").
Subject to the approval of disinterested Shareholders and the
TSX Venture Exchange (the "TSX-V"), pursuant to the Shares
for Debt Transaction, the Corporation intends to settle a total of
approximately CAD$146,700 in
payables owing to a non-arm's length party for consulting fees
relating to management services by issuing 1,467,008 Common Shares
at a deemed price of CAD$0.10 per
share.
Satisfying the foregoing payables with Common Shares allows the
Corporation to preserve its cash for use on its projects and for
working capital. The Common Shares issued pursuant to the Shares
for Debt Transaction will be subject to a hold period of four
months and one day from the date of issuance.
The proposed issuance of Common Shares to a non-arm's length
party pursuant to the Shares for Debt Transaction constitutes a
"related party transaction" under Multilateral Instrument 61-101–
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). It is anticipated that the
Corporation will be exempt from the formal valuation and minority
approval requirements of MI 61-101 because the fair market value of
the Common Shares being issued pursuant to the Shares for Debt
Transaction will not exceed 25% of the Corporation's market
capitalization.
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 153,470,084 outstanding
shares of which 55.1% are owned and controlled by Insiders and
within the "friends and family" category.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 44 km2 Ishkoday Project, and its
gold-silver and gold-rich polymetallic mineralization with a
significant upside potential.
The Corporation has a project-wide database (2008 to 2018) that
includes 283 diamond drill holes totaling 40,729 m, geological mapping, ground geophysics,
and 14,992 individual samples with assays and geochemical
analysis. The mineralization on the 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, as
evidenced in the past producing Sturgeon River Mine.
Developing strong community relations is an integral part of the
business plan at LAURION. LAURION and its subsidiary, Ahsineeg,
intends to continually strive to establish an active partnership
with our Aboriginal Groups and communities in which we conduct our
operations.
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, the details, anticipated timing and completion of
the Shares for Debt Transaction, and management's objectives,
strategies, beliefs and intentions. 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, the ability of the Corporation to
obtain the approval of disinterested Shareholders and the TSX-V in
regards to the Shares for Debt Transaction, 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.