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

The Conversation (0)
Siren Gold

Auld Creek Project Announcement Clarification

Siren Gold Limited (ASX: SNG) (Siren or the Company) refers to the announcement dated 15 April 2024 titled “Bonanza East 12.4m @ 33.4 g/t AuEq, including 6m @ 53.4 g/t AuEq” and Mineral Resource Estimate as released on 21 August 2023 (Announcements).

Keep reading...Show less
Jordan Roy-Byrne, gold bars.

Jordan Roy-Byrne: Gold Hyperbole is Real, Price Setup "Super Bullish"

Gold has pulled back from its recent all-time high of more than US$2,400 per ounce, but remains elevated.

How high could the yellow metal rise in the longer term? Speaking to the Investing News Network, Jordan Roy-Byrne, CMT, MFTA, editor and publisher of the Daily Gold, shared his thoughts on where it may be headed in 2024 and beyond.

"We are in the real sweet spot for what is the biggest breakout for gold in the last 50 years," he said during the interview. "This is the time where a lot of the hyperbolic statements that people like me make, and have been making for the last three or four years — this is the time where it's really ripe for those things to actually play out."

Keep reading...Show less

AbraSilver Announces C$20 Million in Strategic Investments by Kinross Gold and Central Puerto and Formation of a Regional Partnership in Argentina

AbraSilver Resource Corp. (TSXV: ABRA) (OTCQX: ABBRF) ("AbraSilver" or the "Company") is pleased to announce that it has entered into subscription agreements in respect of a strategic C$20 million non-brokered private placement of AbraSilver common shares ("Common Shares") with Kinross Gold Corporation ("Kinross") (NYSE: KGC) (TSX: K) and an affiliate of Central Puerto SA ("Central Puerto") (NYSE: CEPU) at a subscription price of C$0.40 per Common Share (the "Private Placement").

Highlights
  • Each of Kinross and Central Puerto have entered into a subscription agreement with AbraSilver pursuant to which they will each invest C$10 million , resulting in aggregate gross proceeds of C$20 million to the Company.

  • The Company will issue an aggregate of 50,000,000 Common Shares at a subscription price of C$0.40 per Common Share, representing approximately a 3% premium to the closing price of the Common Shares on April 19, 2024 .

  • Upon closing of the Private Placement, Kinross and Central Puerto will each own approximately 4.0% of the outstanding Common Shares on an undiluted basis.

  • Following completion of the Private Placement, the Company plans to consolidate its Common Shares, on the basis of one (1) post-consolidation Common Share for every five (5) pre-consolidation Common Shares.

  • Upon closing of the Private Placement, AbraSilver will enter into an Investor Rights Agreement with each of Kinross and Central Puerto that includes, among other things, standard anti-dilution and equity participation rights and the formation of a Technical Advisory Committee and a Strategic & Operational Committee.

  • Pursuant to the terms of the Investor Rights Agreement with Kinross , AbraSilver and Kinross will form a regional partnership to jointly explore for and acquire new projects in Argentina focused on silver, gold, and copper.

Mr. John Miniotis , President and CEO of AbraSilver commented: "We are very excited to welcome both Kinross and Central Puerto as important strategic shareholders and partners. Through this transaction, AbraSilver is well funded for a dual strategy to aggressively advance the Diablillos project towards a production decision and to accelerate our exploration efforts. The Company also gains access to the deep technical expertise in mineral exploration, mine development, and power generation. We look forward to working closely with our new partners as we embark upon the next stages of successfully advancing the development of our high-quality Diablillos silver-gold project."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Magnetic Resources

Quarterly Appendix 5B Cash Flow Report

Magnetic Resources NL (Magnetic or the Company) has released its Quarterly Cash Flow Report.


Keep reading...Show less
Magnetic Resources

Quarterly Report for the Quarter Ended 31 March 2024

Magnetic Resources NL (Magnetic or the Company) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2024.
Keep reading...Show less
Manuka Resources

Research & Development Funding for Enhancement of Silver Production at Wonawinta

Manuka Resources Limited (ASX: MKR) (“Manuka” or the “Company”) is pleased to announce it has received A$1.07M under the Australian Government’s R&D tax incentive scheme for a successful process improvement program undertaken by the Company to enhance Silver production at the Wonawinta Silver Mine.

Keep reading...Show less

Latest Press Releases

Related News

×