/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
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TORONTO, Nov. 29, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF)
("LAURION" or the "Corporation") is pleased to announce that
its previously announced non-brokered private placement (the
"Private Placement") of units (each, a "Unit")
remains in progress due to continued investor interest, and any
closing of a subsequent tranche of the Private Placement has been
extended for a further 30 days from the date of this news
release.
On November 1, 2019, the
Corporation announced that it has closed the first tranche of the
Private Placement, whereby the Corporation issued 2,368,438 Units
at a price of $0.19 per Unit for
aggregate gross proceeds to the Corporation of $450,000. As previously announced, the
Corporation intends to ultimately raise $1
million pursuant to the Private Placement.
Each Unit consists of one 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")) (each, a "FT Share") and one common
share purchase warrant (each, a "Warrant"). Each Warrant
entitles the holder thereof to acquire one non flow-through common
share of the Corporation at a price of $0.25 per share for a period of 24 months from
the date of issuance.
The gross proceeds allocable to the FT Shares comprising the
Units 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 Units in an aggregate
amount not less than the gross proceeds raised from the issue of
the Units which are allocable to 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 having the same attributes as the Warrants. The Private
Placement remains subject to the final approval of the TSX Venture
Exchange (the "TSX-V").
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 172,998,038 outstanding
shares of which 58% are owned and controlled by Insiders who are
eligible investors under the "Friends and Family" categories.
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, management's objectives, strategies, beliefs and
intentions, the completion of any subsequent tranches of the
Private Placement, the anticipated timing and closing of any
subsequent tranches of the Private Placement and the use of
proceeds therefrom and the finder's fees that may be paid by the
Corporation in connection therewith. 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 of the Corporation
and 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.