Laurion Announces Closing of Fully-Subscribed Non-Brokered Private Placement of 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 ./

Laurion Mineral Exploration Inc. (TSXV: LME) (OTCPINK: 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 1,556,321 units (comprised of 760,868 flow-through units (the " FT Units ") and 795,453 non flow-through units (the " Non-FT Units " and collectively with the FT Units, the " Units ")) at a subscription price of $0.23 per FT Unit and a subscription price of $0.22 per Non-FT Unit, for aggregate gross proceeds to the Corporation of $350,000 .

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 $0.24 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.

The Corporation did not pay any finders' fees or issue any finder's warrants in connection with the Private Placement.

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 February 17, 2021 . 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 OTCPINK under the symbol LMEFF. The Corporation currently has 198,696,299 outstanding shares, of which approximately 71% 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 flagship project, the 100% owned mid-stage 47 km 2 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.

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 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 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 VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

SOURCE Laurion Mineral Exploration Inc.

News Provided by Canada Newswire via QuoteMedia

LAURION Mineral Exploration

LAURION Mineral Exploration Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
LAURION Mineral Exploration

LAURION Mineral Exploration

Advancing a gold and base metal asset in Ontario’s prolific Greenstone Belt

Advancing a gold and base metal asset in Ontario’s prolific Greenstone Belt Keep Reading...
Gold and silver bars with rising graph, "Weekly Editor's Picks" text overlay.

Editor's Picks: Gold Price Breaks US$4,600, Silver Tops US$93 in Record-Setting Week

Gold and silver are wrapping up yet another record-setting week that's seen economic uncertainty and geopolitical tensions combine to push prices upward.The yellow metal moved decisively through US$4,600 per ounce on Monday (January 12), trading above that level for a decent amount of the... Keep Reading...
Will Rhind, gold bars.

Will Rhind: Gold, Silver at Record Highs, Mania Phase Still to Come

Will Rhind, CEO of GraniteShares, outlines his thoughts on gold and silver heading into 2026, noting that historical precedents point to higher prices. "Clearly when you look back on some of those other periods for gold — and silver particularly — where they went to all-time highs, then we could... Keep Reading...
Sirios (TSXV:SOI)

Sirios Adds $1.5 Million to the Treasury After Warrant and Option Exercises

Expanding investor outreach in Q1 by participating in key investor conferences and adding to its distribution network

Sirios Resources Inc. (TSXV: SOI) (OTCQB: SIREF) ("Sirios" or "the Company") has started the year with an infusion of capital, giving the Company additional financial flexibility for enhancing its exploration and investor programs in 2026.The exercise of 10,209,000 warrants and 1,750,000 options... Keep Reading...
American Eagle Gold (TSXV:AE)

American Eagle Continues to Expand South Zone near Surface Mineralization: Highlights Include 140 m of 0.74% Copper Eq. and 130 m of 0.62% Copper Eq.

American Eagle Gold Corp. (TSXV: AE) ("American Eagle" or the "Company") is pleased to announce drill results that further expand the South Zone at its NAK copper-gold project in British Columbia. Holes NAK25-55 and NAK25-62 extend shallow mineralization nearly 150 meters east-southeast, while... Keep Reading...
Aterian Plc

Positive Study Results - Kalahari Copperbelt

Aterian Plc (AIM: ATN), the Africa-focused critical metals exploration company, is pleased to announce encouraging results from an independent geophysical study completed over Prospecting Licence PL265/2025 ("Licence") in the Kalahari Copperbelt ("KCB"), in the Republic of Botswana ("Botswana").... Keep Reading...
LAURION Mineral Exploration

LAURION Mineral Exploration Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Interactive Chart

Latest Press Releases

Related News