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TORONTO, Aug. 11, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK:
LMEFF) ("LAURION" or the "Corporation") is pleased
to announce that, due to strong investor demand, it has increased
the maximum size of its previously-announced non-brokered private
placement (the "Private Placement") to
5,950,783 flow-through shares (the "FT Shares") for
gross proceeds to the Corporation of up to approximately
$1,100,900.
The gross proceeds 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 Shares in an
aggregate amount not less than the gross proceeds raised from the
issue of the FT Shares.
In connection with the Private Placement, the Corporation may
pay finders' fees in the form of cash commissions.
The closing of the Private Placement remains subject to the
approval of the TSX Venture Exchange (the "TSXV"). Subject
to receipt of all necessary regulatory approvals, the Corporation
intends to close the Private Placement on or about August 12, 2020. All securities issued pursuant
to the Private Placement will be subject to, among other things, a
hold period of four months and one day in accordance with
applicable Canadian securities laws.
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
190,729,864 outstanding shares, of which approximately 60% 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 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 48,879m,
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.
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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 completion of the Private Placement, the
anticipated timing of closing of the Private Placement, the use of
proceeds from the Private Placement and the finder's fees that may
be paid by the Corporation in connection with the Private
Placement. The forward-looking statements involve risks and
uncertainties. Actual events could differ materially from those
projected herein including as a result of a change in the trading
price of the Common Shares, the TSXV not providing its approval for
the Private Placement. 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.