Laurion Announces Closing of Upsized Private Placement of Flow-Through Shares
LAURION ANNOUNCES CLOSING OF
UPSIZED 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 (November 6, 2023) – 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
Placement”) consisting of an aggregate of 5,142,900 flow-through shares (the “FT
Shares”) at a subscription price of $0.56 per FT Share for aggregate gross proceeds to
the Corporation of $2,880,024. As announced on November 2, 2023 , the Corporation
agreed to upsize the Private Placement as a result of strong investor interest and over -
subscriptions.
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
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 r enounced
with an effective date of no later than December 31, 2023 (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 rai sed from the
issue of the FT Shares.
In connection with the closing of the Private Placement, an arm’s-length finder, Mine
Equities Ltd., received an aggregate of $62,500.59 as a cash finder’s commission and
111,608 common s hares in the capital of LAURION as “f inder’s s hares”. 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 March
4, 2024. 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 OTC under the symbol LMEFF. LAURION now has
263,346,102 outstanding shares of which approximately 80% are owned and controlled
by Insiders who are eligible investors under the “Friends and Family” categories.
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LAURION's emphasis is on the exploration and development of its flagship project, the
100% owned mid -stage 57 km 2 Ishkoday Project, and its gold -rich polymetallic
mineralization.
LAURION’s chief priority remains maximizing shareholder value while simultaneously
embracing and considering the principles and best practices of environmental, social,
and corporate governance (ESG) issues. A large portion of the Corporation’s focus in
this regard falls within the ambit of its mineral exploration activities and more
specifically, advancing the Ishkoday Project.
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
Steven Hunter – 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 regarding 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 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 VEN TURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.