Laurion Extends Closing of Previously Announced Private Placement
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Laurion Extends Closing of Previously Announced Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION.
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 (June 22, 2018) - Laurion Mineral Exploration Inc. (TSX.V: LME) and
(OTCPINK: LMEFF) (“Laurion” or the “Corporation”) announces that its previously
announced non-brokered private placement (the “Private Placement”) of units (each,
a “ Unit”) remains ongoing and the closing of the Private Placement has been
extended.
On April 25, 2018, the Trust announced, am ong other things, an immediate interim
financing for gross proceeds of $500,000 to Laurion at a price of $0.07 per Unit, with
each Unit being comprised of one common share in the capital of Laurion and one
warrant to acquire one additional common share at a price of $0.09 per share.
The maximum size of the Private Placement is now anticipated to be for gross
proceeds of up to approximately $1 million.
The Trust intends to use the net proceeds of the Private Placement to fund prospective
acquisitions, to repay amount s drawn on the Trust’s credit facility and for working
capital and general trust purposes.
The Private Placement remains subject to the final approval of the TSX Venture
Exchange.
About Laurion Mineral Exploration Inc.
The Corporation is a junior mineral explor ation and development company listed on
the TSX Venture Exchange (the “TSX-V”) un der the symbol “LME” and on the OTCPINK
under the symbol “LMEFF”.
The Corporation’s emphasis is on the development of its flagship project, the 100%
owned mid-stage Ishkoday Project, and it s gold-silver and gold-rich polymetallic
mineralization with a significant upside potential.
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The Corporation has a property-wide databa se of 283 diamond drill holes totaling
40,729 m, detailed sampling, mapping, assa ys and geochemical analysis, and ground
geophysics. The mineralization 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 (the “ Mine”). The Mine produced 73,322
ounces of gold, and 15,929 ou nces of silver from 1936 to19 42 on the No. 3 Vein at 24
g/t gold, and generated a large gold and silver bearing stockpile of 144,070 tonnes
grading 1.59 g/t gold in the Indicated Mineral Resources category (based on a NI 43 -
101 Technical Report filed on SEDAR in June 2013 – refer to the Corporation’s news
release dated April 23, 2013).
Mr. Jean Lafleur, P. Geo. (APGO, OGQ), La urion’s Technical Advisor to the Board of
Directors, is a Qualified Person as defined by National Instrument 43-101 guidelines,
and has reviewed and approved the content of this news release.
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 news 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, the details, anticipated timing
and completion of the transactions and other matters described in this news release, including without
limitation, the timing and completion of the Private Placement and the use of proceeds therefrom. The
forward-looking statements involve risks and unce rtainties. 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 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 pe rform, 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.