Laurion Announces Closing of Non-Brokered Private Placement
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Laurion Announces Closing of Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, ONTARIO (July 18, 2018) - Laurion Mineral Exploration Inc. (TSX.V: LME)
(OTCPINK: LMEFF) (“Laurion” or the “Corporation”) today announced that it has closed
its previously-announced non-brokered private placement (the “ Private Placement”)
consisting of 8,947,857 units (“ Units”) at a subscription price of $0.07 per Unit for
aggregate gross proceeds to the Corporatio n of $626,350, which exceeds the initial
maximum size of the Private Placement that was previously announ ced. Each Unit is
comprised 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 $0.09 for a period of 24 months
following the date of issue, subject to customary adjustment provisions.
In a news release disseminated on April 25, 2018 (see https://bit.ly/2Ju0d9F), the
Corporation announced the executio n of a Letter of Intent (the “ LOI”) outlining the
principal terms and conditions pursuant to which a private investment group will finance
and otherwise support the development and potential extraction of gold and other
metals (such as silver, coppe r and zinc) from historic surface stockpiles located on
Ishkoday (the “ Surface Stockpiles ”). As a critical milestone described in the LOI, the
closing of the Private Placement is expected to facilitate and open a path towards the
completion of the other transactions contemplated by the LOI, including an
anticipated, approximate $4.5 million investment in a 100% owned subsidiary of Laurion
(“Newco”), upon completion of a positive Preliminary Economic Assessment in respect
of processing and extracting gold and any other valuable materials from the Surface
Stockpiles (the “PEA”).
The Corporation intends to use the net proc eeds of the Private Placement for: (i) the
completion of the PEA; and (ii) general exploration and develo pment activities of
Laurion.
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Pursuant to applicable Canadian securities laws, all securities is sued under the Private
Placement are subject to a hold period of four months and one day, expiring on
November 19, 2018.
The completion of the Private Placement remains subject to the final approval of the
TSX Venture Exchange (the “TSX-V”).
For more information about the LOI and the Private Placement, please refer to the
Corporation’s news releases dated April 25, 2018, June 22, 2018, July 6, 2018 and July 13,
2018.
About Laurion Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development company listed on the
TSX-V under the symbol LME and on the OTCPINK under the symbol LMEFF. Laurion has
123,099,082 outstanding shares of which 58. 2% are owned and controlled by Insiders
and within the ‘friends and family’ category.
The Corporation’s emphasis is on the development of its flagship project, the 100%
owned mid-stage Ishkoday Project, and it s gold-silver and gold-rich polymetallic
mineralization with a significant upside potential.
The Corporation has a property-wide database of 283 diamond drill holes totaling 40,729
m, detailed sampling, mapping, assays and geochemical analysis, and ground
geophysics. The mineralization 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, as evidenced in
the past producing Sturgeon River Mine (the “ Mine”). The Mine produced 73,322
ounces of gold, and 15,929 ounces of silver from 1936 to1942 on the No. 3 Vein at 24 g/t
gold, and generated a large gold and silver bearing stockpile of 144,070 tonnes grading
1.59 g/t gold in the Indicated Miner al Resources category (based on a NI 43 -101
Technical Report filed on SEDAR in June 2013 – refer to the Corporation’s news release
dated April 23, 2013).
Mr. Jean Lafleur, P. Geo. (APGO, OGQ), La urion’s Technical Advisor to the Board of
Directors, is a Qualified Person as defined by National Instrument 43-101 guidelines, and
has reviewed and approved the content of this news release.
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
Website: http://www.laurion.ca
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Caution Regarding Forward-Looking Information
This news 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 details, anticipated timing and
completion of the transactions and other matters de scribed in this news release, including without
limitation, the creation of Newco, the processing of the Surface Stockpiles, the completion of any
additional or future financings involving Laurion and/or Newco, and the use of the net 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 failure of the relevant parties to enter into definitive agreements in
connection with the transactions and other matters contemplated by the LOI, the ability of Laurion to
complete a positive PEA in respect of the Surface Stockpiles, the TSX-V not providing its final approval for
the Private Placement or its approval for any other transactions contemplated by the LOI, 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATI ON 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.