/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED
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TORONTO, Dec. 18, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK: LMEFF) ("LAURION" or
the "Corporation") today announced that it is proposing to
complete a new flow-through private placement on a non-brokered
basis (the "Private Placement"). The Corporation intends to
raise up to approximately $550,000 in
gross proceeds by issuing up to approximately 2,200,000
flow-through units (the "Units") at a price of $0.25 per Unit.
Each Unit will consist of one common share of the Corporation to
be 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 will entitle the holder thereof to
acquire one non flow-through common share of the Corporation at a
price of $0.26 per share for a period
of 24 months from the date of issuance.
As at the date hereof, the Corporation has accepted subscription
agreements for the Private Placement in aggregate gross proceeds of
$500,000.
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, 2020 (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 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
December 30, 2020, subject to receipt
of all necessary regulatory approvals. All securities that are
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.
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. The Corporation currently has 200,412,319
outstanding shares, of which approximately 72% 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. 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. The recently acquired Brenbar Property, which is
contiguous with the Ishkoday Property, hosts the historic Brenbar
Mine and LAURION believes the mineralization to be a direct
extension of mineralization from the Ishkoday Property.
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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 timing, anticipated size and completion of the
Private Placement, the use of proceeds therefrom 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.