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 ( December 4, 2020) – Laurion Mineral Exploration Inc. (TSX.V: LME
and OTCPINK: LMEFF) (“LAURION” or the “Corporation”) today announced that it has
closed its non-brokered private placement (the “Private Placement”), which was initially
announced on November 27, 2020, consisting of an aggregate of 1,004,908 units
(comprised of 300,000 flow-through units (the “ FT Units”) and 704,908 non flow-through
units (the “Non-FT Units” and collectively with the FT Units, the “ Units”)) at a subscription
price of $0.25 per FT Unit and a subscription price of $0.22 per Non-FT Unit, for
aggregate gross proceeds to the Corporation of $230,080.
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 $0.26 per share 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 renou nced, 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 Units 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.
The Corporation did not pay any finders’ fees or issue any finder’s warrants in
connection with the Private Placement.
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
April 4, 2021 . 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
TSXV under the symbol LME and on the OTCPINK under the symbol LMEFF. The
Corporation currently has 199,723,430 outstanding shares, of which approximately 71%
of LAURION’s issued and outstanding shares 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 f lagship 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. Th e mineralization on Ishkoday is open
at depth beyond the current core -drilling limit of -200 m from surface, based on the
historical min ing to a -685 m depth, in the past producing Sturgeon River Mine. The
recently acquired Brenbar Property, which is contigu ous with the Ishkoday Property,
hosts the historic Brenbar Mine and LAURION believes the mineralization to be a direct
extension of mineralization from the Ishkoday Property.
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, i ncluding with respect to LAURION's business, operations
and condition, management's objectives, strategies, beliefs and intentions, and the use of net
proceeds from the Private Placement. The forward -looking statements involve risks and
uncertainties. Actual events and future r esults, 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 co mmon shares of LAURION, the
TSXV not providing i ts 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 o f 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 pub lic 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 obl igation
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.