TORONTO, Nov. 14,
2023 /CNW/ - LAURION Mineral Exploration Inc.
(TSXV: LME) (OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to provide an update on its
corporate activities and strategic objectives.
LAURION's primary focus is to identify and explore opportunities
to maximize shareholder value while simultaneously embracing and
considering the principles and best practices of environmental,
social and corporate governance (ESG) issues. A significant part of
this objective revolves around the Corporation's continued efforts
to advance its flagship Ishkoday Project. A consequence of
LAURION's success and advancement over the past several years is
that the Corporation has become positioned as an acquisition target
for appropriate potential acquirors.
Accordingly, on August 24, 2023,
the Corporation announced the establishment of a Special Committee
for the purpose of exploring opportunities and potential
transactions that may be strategically beneficial to the
Corporation and its stakeholders. As part of this announcement, the
Corporation also announced its payment of a financial advisory fee
to US Capital Global Partners LLC ("US Capital Global") in
the amount of US$250,000, in order to
assist with this strategic review process. Since the announcement,
US Capital Global has progressed to the latter stages of its due
diligence review process. LAURION remains confident that US Capital
Global is well-positioned to help identify and if deemed
appropriate by the Special Committee, unlock, potential strategic
alternatives and transactional opportunities for the
Corporation.
Against the backdrop of its recently completed, over-subscribed
private placement of flow-through shares, LAURION continues to be
well-positioned to advance the Ishkoday Project. The use of
proceeds from the financing, which amount to approximately
$2.88 million, will include
activities that will support the preparation of a new technical
report for the Ishkoday Project. The new technical report is
expected to be completed in 2024 and in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101"). As stated in LAURION's news
release dated September 27, 2022, the
Corporation's Board of Directors believes that a new NI 43-101
technical report could serve as a cornerstone disclosure document
that may potentially unlock, facilitate and support a prospective
strategic transaction, while also consolidating all of the
scientific and technical information regarding the Ishkoday Project
since April 23, 2013 (which is the
effective date of LAURION's latest NI 43-101 technical report).
LAURION is committed to enhancing shareholder value and is
looking at a variety of opportunities. The Corporation remains open
to pursuing an acquisition or other significant transaction if it
would be in the best interests of LAURION and its stakeholders. The
Corporation's Board of Directors and management team remain
dedicated to capitalizing on opportunities for all stakeholders.
The Corporation will promptly issue a news release when any
material change occurs.
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSX Venture Exchange under the symbol LME and
on the OTC under the symbol LMEFF. LAURION now has 263,346,102
outstanding shares of which approximately 80% are owned and
controlled by Insiders who are eligible investors under the
"Friends and Family" categories.
LAURION's emphasis is on the exploration and development of its
flagship project, the 100% owned mid-stage 57 km2
Ishkoday Project, and its gold-rich polymetallic
mineralization.
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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 Corporation's ability to advance the Ishkoday
Project, any potential acquisitions, mergers, financings or other
transactions referenced herein, the Corporation's ability to
complete a new NI 43-101 technical report, the nature and content
of any such report, and the anticipated timing of any such report,
and the use of proceeds from the above-mentioned private
placement. 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 Venture Exchange not providing
its approval for the above-mentioned 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.