/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
TORONTO, March 25, 2020 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") today announced that it has closed its
previously-announced non-brokered private placement (the
"Private Placement") consisting of an aggregate of 970,916
units (comprised of 686,060 flow-through units (the "FT
Units") and 284,856 non flow-through units (the "Non-FT
Units" and collectively with the FT Units, the "Units"))
at a subscription price of $0.165 per
Unit for aggregate gross proceeds to the Corporation of
approximately $160,200.
Each FT 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 Non-FT Unit consists of one non
flow-through common share of the Corporation and one Warrant. Each
Warrant (whether comprising part of a FT Unit or a Non-FT Unit)
entitles the holder thereof to acquire one non flow-through common
share of the Corporation at a price of $0.21 per share for a period of 12 months from
the date of issuance.
The gross proceeds allocable to the FT Shares comprising the FT
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, 2020 (provided the
subscriber deals at arm's length with the Corporation at all
relevant times) to the initial purchasers of FT Units in an
aggregate amount not less than the gross proceeds raised from the
issue of the FT Units which are allocable to the FT Shares. The
Corporation intends to use the net proceeds from the issue of
Non-FT Units for exploration activities and general working capital
purposes.
In connection with the closing of the Private Placement, an
arm's-length finder received $792 as
a cash finder's commission.
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 July 25, 2020. 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 180,599,311 outstanding
shares of which approximately 59% 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 47 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. Ishkoday has a
project-wide database (2008 to 2019) that includes 307 diamond
drill holes totaling 48,879 m,
geological mapping, ground and airborne geophysics, and 21,800
individual samples with assays and geochemical analysis. The
mineralization on 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, in the past producing Sturgeon
River Mine.
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.
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. 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 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.