Laurion Announces Closing of Private Placement of Flow-Through Shares
LAURION ANNOUNCES CLOSING OF
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 (October 23, 2024) – LAURION Mineral Exploration Inc. (TSX.V: LME
and OTC: LMEFF) (“LAURION ” or the “Corporation”) is pleased to announce that it has
closed its previo usly-announced non -brokered private placement (the “ Private
Placement”) consisting of an aggregate of 5,673,169 flow-through shares (the “ FT
Shares”) at a subscription price of $0.46 per FT Share for aggregate gross proceeds to the
Corporation of $2,609,658.
Each FT Share is a 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”)). The gross
proceeds of the Private Placement will be used for “Canadian exploration exp enses”
(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, 2024 (provided the subscriber deals at
arm’s length with the Corporation at all relevant times) 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, an arm’s -length finder, Mine
Equities Ltd. (“MEL”), received an aggregate of $128,000 as a cash finder’s commission,
representing 5.0% of the gross proceeds raised from subscribers that were directly
identified and solicited by MEL. Pursuant to applicable Canadian securities laws, all
securities issued in connection with the Private Placement are subject to a hold period of
four months and one day, expiring on February 23, 2025. 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
TSX Venture Exchange under the symbol LME and on the OTCPINK under the symbol
LMEFF. LAURION now has 273,494,904 outstanding shares of which approximately 72% are
owned a nd controlled by insiders who are eligible investors under the “Friends and
Family” categories. LAURION's emphasis is on the exploration and development of its
Page 2
flagship project, the 100% owned mid -stage 57 km 2 Ishkõday Project, and its gold -rich
polymetallic mineralization.
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
Doug Vass - Investor Relations Consultant
Email: [email protected]
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 r egarding future events, including with respect to LAURION's business, operations
and condition, management's objectives, strategies, beliefs and intentions, and the use of
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 TSXV
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,
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 d ocumentation 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 RESPONSIBIL ITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.