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TORONTO, July 12, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to announce the voting results
of the Annual and Special Meeting of Shareholders of the
Corporation that was held on July 11,
2019 (the "Meeting").
Election of Directors
Each of the nominees for election as directors listed in the
Corporation's management information circular dated
May 31, 2019 (the
"Circular") were elected as directors of the
Corporation for the ensuing year or until their successors are
elected or appointed.
Despite such elections, since Dr. Neil
Westoll received a greater number of votes "WITHHELD" than
votes "FOR" at the Meeting, he has tendered his resignation to the
Chair of the board of directors (the "Board"). Although
issuers listed on the TSX Venture Exchange (the "TSX-V") are
not required to adopt a majority voting policy requiring the
tendering of a resignation in such circumstances, the Board will
consider Dr. Westoll's offer of resignation and also the candidates
who are best suited to fill any vacancies on the Board. Taking into
account good governance practices and the interests of the
Corporation and its stakeholders, the Board will make its decision
on whether to accept his offer of resignation as soon as practical
following a thorough review of the circumstances which led to the
offer.
Other Items of Business Considered at the Meeting
Each of the following resolutions voted on at the Meeting were
also passed:
- Fixing the number of directors of the Corporation (and the
number of directors to be elected at the Meeting) at five.
- The reappointment of RSM LLP as auditors of the Corporation for
the ensuing year and the authorization of the directors of the
Corporation to fix their remuneration and the terms of their
engagement.
- The approval and ratification of the renewal of the
Corporation's rolling stock option plan.
- The approval of the issuance of 1,467,008 common shares of the
Corporation to a certain member of management in exchange for the
settlement of certain debts of the Corporation (the "Shares for
Debt Transaction").
Notwithstanding the approval by the shareholders of the
Corporation, the Shares for Debt Transaction remains subject
to approval by the TSX-V.
For further details regarding the matters considered at the
Meeting, please refer to the Circular, which can be found under the
Corporation's profile on SEDAR at www.sedar.com.
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 153,850,084 outstanding
shares of which 62.41% 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 Ishkoday
Project 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.
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, 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 of LAURION, the TSX-V not providing its approval for
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.