Laurion Mineral Exploration Inc. Announces Closing of Private Placement of Flow-Through Shares
Laurion Mineral Exploration Inc. (TSX.V: LME and OTC: LMEFF) ("LAURION" or the "Corporation") is pleased to announce that it has closed its previously-announced non-brokered private placement (the "Private Placement") consisting of an aggregate of 3,725,633 flow-through shares (the "FT Shares") at a subscription price of $0.45 per FT Share for aggregate gross proceeds to the Corporation of $1,676,535. Each FT Share is 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")). The gross proceeds of the Private Placement 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, 2024 (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 closing of the Private Placement, an arm's-length finder, Mine Equities Ltd., received an aggregate of $75,000 as a cash finder's commission. Pursuant to applicable Canadian securities laws, all securities issued in connection with the Private Placement are subject to a hold period of four months and one day, expiring on August 13, 2024. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the "TSXV").
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development company listed on the TSX Venture Exchange under the symbol LME and on the OTC under the symbol LMEFF. LAURION now has 267,071,735 outstanding shares of which approximately 72% are owned and controlled by Insiders who are eligible investors under the "Friends and Family" categories.
LAURION's emphasis is on the exploration and development of its flagship project, the 100% owned mid-stage 57.43 km2 Ishkoday Project, and its gold-rich polymetallic mineralization.
LAURION's chief priority remains maximizing shareholder value while simultaneously embracing and considering the principles and best practices of environmental, social, and corporate governance (ESG) issues. A large portion of the Corporation's focus in this regard falls within the ambit of its mineral exploration activities and more specifically, advancing the Ishkoday Project.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President and CEO
Tel: 1-705-788-9186
Fax: 1-705-805-9256
Doug Vass - Investor Relations Consultant
Email: info@laurion.ca
Website: http://www.LAURION .ca
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, and the use of 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 TSXV 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.
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