/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
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TORONTO, Dec. 19, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("Laurion" or the
"Corporation") is pleased to announce that further to its
previous announcements, the Corporation has closed the third and
final tranche (the "Third Tranche") of its non-brokered
private placement (the "Private Placement") of flow-through
units (the "Units"). Pursuant to the Third Tranche, the
Corporation issued 550,000 Units at a price of $0.19 per Unit for aggregate gross proceeds to
the Corporation of $104,500. Together
with the first and second tranches of the Private Placement, the
Corporation raised approximately $1.075
million through the issuance of 5,656,017 Units. As
announced on December 16, 2019, the
Corporation agreed to upsize the Private Placement as a result of
strong investor interest and over-subscriptions.
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 Third Tranche, a certain arm's-length
finder received $7,267 as a cash
finder's commission and 38,250 finder's warrants having the same
attributes as the Warrants.
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 March 1, 2020, April 7,
2020 and April 19, 2020,
respectively. The Private Placement remains subject to the final
approval of the TSX Venture Exchange.
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 176,710,617 outstanding
shares of which approximately 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, 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.