LME.V · 2021-12-10 12:00:00

Laurion Announces Closing of Private Placement of Flow-Through Units

Financings

LAURION ANNOUNCES CLOSING OF

PRIVATE PLACEMENT OF FLOW-THROUGH 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 10 , 2021) – LAURION Mineral Exploration Inc. (TSX.V:

LME and OTCPINK: LMEFF) (“LAURION” or the “Corporation”) is pleased to announce

that it has closed its previously -announced non -brokered private placement (the

“Private Placeme nt”) consisting of flow -through units (the “ FT Units ”). Pursuant to the

Private Placement, the Corporation issued 2,664,936 FT Units at a subscription price of

$0.75 per FT Unit, for aggregate gross proceeds to the Corporation of approximately $2

million.

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 -half of one common share purchase warrant

(each, a “Warrant”). Each Warrant entitle s the holder thereof to acquire one non flow -

through common share of the Corporation at a price of $0. 82 per share for a period of

12 months from the date of issuance.

The gross pro ceeds 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,

2021 (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.

In connection with the Private Placement , certain arm’s -length finders received an

aggregate of $77,810.06 as a cash finder’s commission and an aggregate of 33,333

finder’s warrants having the same attributes as the Warrants.

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 9, 2022. The Private Placement remains subject to the final approval of the TSX

Venture Exchange (the “TSXV”).

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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 245,230,289 outstanding shares, of which approximately 81%

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, a nd 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 mining to a -685 m dept h, in the past producing Sturgeon River Mine. The

Brenbar Property, which was acquired in 2020 and is contigu ous with the Ishkoday

Property, hosts the historic Brenbar Mine. 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

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, the use of proceeds

from the Private Placement. The forward -looking statements involve risks and uncertainties.

Actual events and future results, performanc e 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, fa ilure 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 rec ord, 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.

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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.

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