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TORONTO, Aug. 13, 2020 /CNW/ - 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 5,950,783
flow-through shares (the "FT Shares") at a subscription
price of $0.185 per FT Share for
aggregate gross proceeds to the Corporation of approximately
$1,100,900. As announced on
August 11, 2020, the Corporation
agreed to significantly upsize the Private Placement as a result of
strong investor interest and over-subscriptions.
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 closing of the Private Placement, certain
arm's-length finders received an aggregate of $46,439 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 December 13, 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 TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. The Corporation currently has 196,680,647
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, and the use of proceeds from 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 final 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.