Laurion Announces Proposed Non-Brokered Private Placement
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TORONTO, March 13, 2018 (GLOBE NEWSWIRE) -- Laurion Mineral Exploration Inc. (TSX-V:LME) (OTCPINK:LMEFF) (“Laurion” or the “Corporation”) today announced that it is proposing to complete a non-brokered private placement (the “Private Placement”) of up to approximately 5,000,000 units (“Units”) at a subscription price of $0.05 per Unit for aggregate gross proceeds to the Corporation of up to approximately $250,000. Each Unit is composed of one common share (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.07 for a period of 24 months following the date of issue, subject to customary adjustment provisions.
As at the date hereof, the Corporation has accepted subscription agreements for the Private Placement in aggregate gross proceeds of $187,000.
Laurion intends to use the net proceeds of the Private Placement for exploration activities and general working capital purposes. The Corporation will not be paying any agent or broker commissions or finders’ fees in connection with the Private Placement.
The closing of the Private Placement is subject to the final approval of the TSX Venture Exchange (the “TSX-V”). The Corporation intends to close the Private Placement on or about March 16, 2018, 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.
Laurion is an exploration discovery Corporation that is primarily focused on the development of its gold-rich polymetallic resource on its Ishkoday property. The Corporation’s main project mandate is to complete the relevant economic studies, initially working towards the processing the surface rock stockpile; and, to explore and develop the large near surface polymetallic sulphide trends which extend over a 1 km x 3 km area (collective total strike length of 9,000 m), with the aim of demonstrating the existence of a significant Volcanic Massive Sulphide (VMS) deposit, developing tonnage and demonstrating continuity through the execution of multiple phases of diamond drill programs.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
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 and the use of proceeds therefrom. 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 TSX-V not providing its final 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.
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