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TORONTO, Aug. 4, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK:
LMEFF) ("LAURION" or the "Corporation") today
announced that it is proposing to complete a flow-through private
placement on a non-brokered basis (the "Private Placement").
The Corporation intends to raise up to approximately $500,000 in gross proceeds by issuing up to
approximately 2,702,703 flow-through shares (the "FT
Shares") at a price of $0.185 per
FT Share.
Each FT Share will be a 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")).
As at the date hereof, the Corporation has accepted subscription
agreements for the Private Placement in aggregate gross proceeds of
approximately $500,000.
The gross proceeds 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 Shares in an
aggregate amount not less than the gross proceeds raised from the
issue of the FT Shares.
In connection with the Private Placement, the Corporation may
pay finders' fees in the form of cash commissions.
The closing of the Private Placement is subject to the approval
of the TSX Venture Exchange (the "TSXV"). The Corporation
intends to close the Private Placement on or about August 7, 2020, subject to receipt of all
necessary regulatory approvals. All securities issued pursuant to
the Private Placement will be subject to, among other things, a
hold period of four months and one day in accordance with
applicable Canadian securities laws.
Prior to the closing of the Private Placement, LAURION has
187,674,309 outstanding shares, which reflects the exercise of
various securities of the Corporation over the past few months.
Since March 2020, LAURION has
received total proceeds of $790,133
from the exercise of warrants (including finder's warrants) and
stock options. The Corporation intends to use the proceeds from
these security exercises for exploration activities and general
working capital purposes.
"The recent exercise of such securities bolsters the financial
position of LAURION and underlines our efforts to continue creating
value for stakeholders," said Cynthia Le
Sueur-Aquin, President and CEO. "The ongoing support and
confidence of our valued shareholders is deeply appreciated as we
work to execute our business plan in 2020 and beyond."
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. Approximately 60% of LAURION's issued and
outstanding shares 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 48,879m,
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.
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 completion of the Private Placement, the
anticipated timing of closing of the Private Placement, the use of
proceeds from the Private Placement and the above-mentioned
exercise of securities, and the finder's fees that may be paid by
the Corporation in connection with the Private Placement. 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, the TSXV not providing its 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.