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TORONTO, May 26, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK: LMEFF)
("LAURION" or the "Corporation") today announced that
it is proposing to complete a flow-through and non flow-through
private placement on a non-brokered basis (the "Private
Placement"). The Corporation intends to raise up to
approximately $500,000 in aggregate
gross proceeds by issuing up to approximately
746,269 flow-through units (the "FT Units"), up to
approximately 793,651 non flow-through units (the "Non-FT
Units"), or any combination of FT Units and Non-FT Units.
Pursuant to the Private Placement, the FT Units will be issued at a
price of $0.67 per FT Unit and the
Non-FT Units will be issued at a price of $0.63 per Non-FT Unit.
Each FT 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 Non-FT Unit will consist 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)
will entitle the holder thereof to acquire one non flow-through
common share of the Corporation at a price of $0.72 per share for a period of 12 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
$345,000.
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, 2021 (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 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"). 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. LAURION now has 227,449,205 outstanding
shares of which approximately 71% 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.
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 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.