Lounor closes a $180,000 private placement
Listing (TSXV = LO Frankfurt = LE2A)
ROUYN-NORANDA, QC, Feb. 10, 2012 /CNW Telbec/ - LOUNOR EXPLORATION INC. is pleased to announce that it has closed on January 20, 2012 a private placement for a total amount of CDN $180,000.
The placement consists in 1,280,000 common shares at a price of $0.05 per share representing $64,000 and 2,320,000 flow-through shares at a price of $0.05 per share representing $116,000. Each share is accompanied of one half (½) of a share purchase warrant. Each whole warrant gives the right to subscribe for one common share of the Company at a price of $0.10 per share, valid for a period of 24 months after the date of closing.
The securities that will be issued at the closing of this private placement will be subject to a hold period of four months and one day from closing. This placement is subject to the approval of the regulatory authorities.
The Company alsoannounces that the Board of Directors has approved the extension of the expiry date of the 1,062,500 common share purchase warrants issued on February 14, 2011 for an additional year. The warrants will now expire on February 14, 2013 and their exercise price of $0.11 remains the same. None of these warrants has been exercised and insiders of the Company do not hold any of them.
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based natural resources company with mineral holdings in Ontario and Quebec and is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold, 450,000,000 tonnes of base metal ore over the last 100 years. The Company is headquartered in Quebec.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture (TSXV-LO) and on the Frankfurt Exchange (LE2A).
This press release was prepared by Lounor Exploration Inc. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document may contain forward-looking statements relating to Lounor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Lounor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Lounor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
LOUNOR EXPLORATION INC.
CONTACT: M. Gilles Fiset, President
Telephone : 800-388-8668
819-797-8668
Fax : 819-797-6050
Email : lounor@tlb.sympatico.ca
Web site : www.lounor.com
