Laurion Announces Closing of Non-Brokered Private Placement of Units
LAURION ANNOUNCES CLOSING OF
NON-BROKERED PRIVATE PLACEMENT OF UNITS
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 (March 25, 2020) – Laurio n 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 970,916 unit s (comprised of 686,060 flow-through units
(the “FT Units”) and 284,856 non flow-through units (the “ Non-FT Units” and collectively
with the FT Units, the “ Units”)) at a subscription price of $0.165 per Unit for aggregate
gross proceeds to the Corporation of approximately $160,200.
Each FT Unit consists of one 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”)) (each, a “ FT Share ”) and one common share purchase warrant (each, a
“Warrant”). Each Non-FT Unit consists of one non flow-through common share of the
Corporation and one Warrant. Each Warrant (whether comprising part of a FT Unit or a
Non-FT Unit) entitles the holder thereof to acquire one non flow-through common share
of the Corporation at a price of $0.21 per sh are for a period of 12 months from the date
of issuance.
The gross proceeds allocable to the FT Shares comprising the FT Units 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,
2020 (provided the subscriber deals at arm’s length with the Corporation at all relevant
times) to the initial purchasers of FT Units in an aggregate amount not less than the gross
proceeds raised from the issue of the FT Un its which are allocable to the FT Shares. The
Corporation intends to use the net proceeds from the issue of Non-FT Units for
exploration activities and general working capital purposes.
In connection with the closing of the Private Placement, an arm’s-length finder
received $792 as a cash finder’s commission.
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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
July 25, 2020. The Private Plac ement 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
TSX-V under the symbol LME and on the OTCPINK under the symbol LMEFF. LAURION
now has 180,599,311 outstanding shares of which approximately 59% are owned and
controlled by Insiders who are eligible investors under the “Friends and Family”
categories.
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 48,879 m, 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 surfac e, based on the historical mining to a -685
m depth, in the past producing Sturgeon River Mine.
Mr. Jean Lafleur, P. Geo. (APGO, OGQ), LAURION ’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
Follow us on Twitter: @LAURION_LME
Caution Regarding Forward-Looking Information
This press release contains forward-looking stat ements, 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 use of 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 TSX-
V 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,
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labor disputes and other risks of the mining indust ry, 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. Invest ors 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 ad ditional 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 REGU LATION SERVICE PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTUR E EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.