Laurion Announces Completion of Previously-Announced Private Placement of Flow-Through Units
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LAURION ANNOUNCES COMPLETION OF PREVIOUSLY-ANNOUNCED
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 19, 2019) – Laurion Mineral Exploration Inc. (TSX.V:
LME and OTCPINK: LMEFF) (“Laurion” or the “Corporation”) is pleased to announce that
further to its previous announcements, the Corporation has closed the third and final
tranche (the “ Third Tranche ”) of its non-brokered private placement (the “ Private
Placement”) of flow-through units (the “ Units”). Pursuant to the Third Tranche, the
Corporation issued 550,000 Units at a price of $0.19 per Unit for aggregate gross
proceeds to the Corporation of $104,500. Together with the first and second tranches of
the Private Placement, the Corporation rais ed approximately $1.075 million through the
issuance of 5,656,017 Units. As announce d on December 16, 2019, the Corporation
agreed to upsize the Private Placement as a result of strong investor interest and over-
subscriptions.
Each 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 Warrant entitles the holder th ereof to acquire one non flow-through
common share of the Corporation at a price of $0.25 per share for a period of 24
months from the date of issuance.
The gross proceeds allocable to the FT Shares comprising the 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,
2019 (provided the subscriber deals at arm’s length with the Corporation at all relevant
times) to the initial purchasers of Units in an aggregate amount not less than the gross
proceeds raised from the issue of the Units which are allocable to the FT Shares.
In connection with the Third Tranche, a cert ain arm’s-length finder received $7,267 as a
cash finder’s commission and 38,250 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
March 1, 2020, April 7, 2020 and April 19 , 2020, respectively. The Private Placement
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remains subject to the final approval of the TSX Venture Exchange.
About Laurion
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 176,710,617 outstanding shares of which approximately 58% 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 44 km 2 Ishkoday Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The Ishkoday Project has a project-
wide database (2008 to 2018) that includes 283 diamond drill holes totaling 40,729 m,
geological mapping, ground geophysics, an d 14,992 individual samples with assays
and geochemical analysis. The mineralization on the 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 depth, as evidenced in the past producing Sturgeon River Mine.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
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, including with respect to Laurion's business, operations and condition,
management's objectives, strategies, beliefs and in tentions, 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 TSX Venture Exchange 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 VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.