Laurion Announces Closing of Non-Brokered Private Placement of Units

- March 25th, 2020

Laurion Mineral Exploration Inc. (TSXV:LME, OTC:LMEFF) announced that it has closed its previously-announced non-brokered private placement.

Laurion Mineral Exploration Inc. (TSXV:LME, OTC:LMEFF) (“LAURION” or the “Corporation”) today announced that it has closed its previously-announced non-brokered private placement (the “Private Placement”) consisting of an aggregate of 970,916 units (comprised of 686,060 flow-through units (the “FT Units”) and 284,856 non flow-through units (the “Non-FT Units” and collectively with the FT Units, the “Units”)) at a subscription price of $0.165 per Unit for aggregate gross proceeds to the Corporation of approximately $160,200.

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 common share purchase warrant (each, a “Warrant”). Each Non-FT Unit consists of one non flow-through common share of the Corporation and one Warrant. Each Warrant (whether comprising part of a FT Unit or a Non-FT Unit) entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.21 per share for a period of 12 months from the date of issuance.

The gross proceeds 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, 2020 (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. The Corporation intends to use the net proceeds from the issue of Non-FT Units for exploration activities and general working capital purposes.

In connection with the closing of the Private Placement, an arm’s-length finder received $792 as a cash finder’s commission.

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 July 25, 2020. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the “TSX-V”).

About LAURION Mineral Exploration Inc.

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 180,599,311 outstanding shares of which approximately 59% 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 47 km2 Ishkoday Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential. Ishkoday has a project-wide database (2008 to 2019) that includes 307 diamond drill holes totaling 48,879 m, geological mapping, ground and airborne geophysics, and 21,800 individual samples with assays and geochemical analysis. The 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 depth, in the past producing Sturgeon River Mine.

Mr. Jean Lafleur, P. Geo. (APGO, OGQ), LAURION ‘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.

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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, the use of net 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-V 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.

Click here to connect with Laurion Mineral Exploration Inc. (TSXV:LME, OTC:LMEFF) for an Investor Presentation.

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