Laurion Announces Closing of Non-Brokered Private Placement of Flow-Through Shares
LAURION ANNOUNCES CLOSING OF
NON-BROKERED PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
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 (August 13, 2020 ) – LAURION Mineral Exploration Inc. (TSX.V: LME
and OTCPINK: LMEFF) (“ LAURION” or the “Corporation”) today announced that it has
closed its previously -announced non -brokered private placement (the “ Private
Placement”) consisting of an aggregate of 5,950,783 flow-through shares (the “FT
Shares”) at a subscription price of $0.185 per FT Share for aggregate gross proceeds to
the Corporation of approximately $1,100,900 . As announced on August 11, 2020 , the
Corporation agreed to significantly upsize the Private Placement as a result of strong
investor interest and over-subscriptions.
The gross proceeds will be used for “Canadian exploration expenses” (within the
meaning of the Tax Act), which will qua lify, 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, 2020 (provided the subscriber deals at arm’s length
with the Corporation at all relevant ti mes) 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, certain arm’s -length finders
received an aggregate of $46,439 as a cash finder’s commission.
Pursuant to applicable Canadian securities laws, all securities issued pursuant to the
Private Placement are subject to a hold period of four months and one day, expiring on
December 13, 2020. The Private Placement remains subject to the final approval of the
TSX Venture Exchange (the “TSX-V”).
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. The
Corporation currently has 196,680,647 outstanding shares, of which approximately 60%
of LAURION’s issued and outstanding shares are owned and controlled by Insiders who
are eligible investors under the “Friends and Family” categories.
2
LAURION's emphasis is on the development of its flagship project, the 100% owned mid -
stage 47 km 2 Ishkoday Project, and its gold -silver and gold -rich polymetallic
mineralization with a significant upside potential. Ishkoday has a project -wide database
(2008 to 2019) that includes 307 diamond drill holes totaling 48,879m, geological
mapping, ground and airborne geophysics, and 21,800 individual samples with assays
and geochemical analysis. 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.
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
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 i ntentions, and the use of
proceeds from 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 pric e of the C ommon 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.
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.