(TheNewswire)
TORONTO, ONTARIO (April 15, 2024) – TheNewswire – LAURION Mineral Exploration Inc.(TSX.V: LME and OTC: LMEFF) (“LAURION” or the“Corporation”) is pleased to announce thatit has closed its previously-announced non-brokered private placement(the “ PrivatePlacement ”) consisting of an aggregate of 3,725,633 flow-throughshares (the “ FTShares ”) at a subscription price of $0.45 perFT Share for aggregate gross proceeds to the Corporation of$ 1,676,535 .
Each FT Share is a common share of the Corporationissued as a “flow-through share” (as defined in subsection 66(15)of the Income TaxAct (Canada) (the “ Tax Act ”)). Thegross proceeds of the Private Placement will be used for “Canadianexploration expenses” (within the meaning of the Tax Act), whichwill qualify, once renounced, as “flow-through miningexpenditures”, as defined in the Tax Act, which will be renouncedwith an effective date of no later than December 31, 2024 (providedthe subscriber deals at arm’s length with the Corporation at allrelevant times) to the initial purchasers of FT Shares in an aggregateamount not less than the gross proceeds raised from the issue of theFT Shares.
In connection with the closing ofthe Private Placement, an arm’s-length finder, Mine Equities Ltd., received an aggregate of $75,000 as acash finder’s commission. Pursuant to applicable Canadian securitieslaws, all securities issued in connection with the Private Placementare subject to a hold period of four months and one day, expiring onAugust 13, 2024. The Private Placement remains subject to the finalapproval of the TSX Venture Exchange (the “ TSXV ”).
About LAURIONMineral Exploration Inc.
The Corporation is a junior mineral exploration anddevelopment company listed on the TSX Venture Exchange under thesymbol LME and on the OTC under the symbol LMEFF. LAURION now has267,071,735 outstanding shares of which approximately 72% are ownedand controlled by Insiders who are eligible investors under the“Friends and Family” categories.
LAURION's emphasis is on the exploration anddevelopment of its flagship project, the 100% owned mid-stage 57.43km 2 Ishkoday Project, and its gold-rich polymetallicmineralization.
LAURION’s chief priority remains maximizingshareholder value while simultaneously embracing and considering theprinciples and best practices of environmental, social, and corporategovernance (ESG) issues. A large portion of the Corporation’s focusin this regard falls within the ambit of its mineral explorationactivities and more specifically, advancing the Ishkoday Project.
FOR FURTHER INFORMATION, CONTACT:
LAURION Mineral ExplorationInc.
Cynthia Le Sueur-Aquin – President and CEO
Tel: 1-705-788-9186
Fax: 1-705-805-9256
Doug Vass - Investor Relations Consultant
Email: info@laurion.ca
Website: http://www.LAURION.ca
Follow us on Twitter: @LAURION_LME
Caution Regarding Forward-LookingInformation
This press release containsforward-looking statements, which reflect the Corporation’s currentexpectations regarding future events, including with respect toLAURION's business, operations and condition, management's objectives,strategies, beliefs and intentions, and the use of proceeds from thePrivate Placement. The forward-looking statements involve risks anduncertainties. Actual events and future results, performance orachievements expressed or implied by such forward-looking statementscould differ materially from those projected herein including as aresult of a change in the trading price of the common shares ofLAURION, the TSXV not providing its final approval for the PrivatePlacement, the interpretation and actual results of currentexploration activities, changes in project parameters as planscontinue to be refined, future prices of gold and/or other metals,possible variations in grade or recovery rates, failure of equipmentor processes to operate as anticipated, the failure of contractedparties to perform, labor disputes and other risks of the miningindustry, delays in obtaining governmental approvals or financing orin the completion of exploration, as well as those factors disclosedin the Corporation’s publicly filed documents. Investors shouldconsult the Corporation’s ongoing quarterly and annual filings, aswell as any other additional documentation comprising theCorporation’s public disclosure record, for additional informationon risks and uncertainties relating to these forward-lookingstatements. The reader is cautioned not to rely on theseforward-looking statements. Subject to applicable law, the Corporationdisclaims any obligation to update these forward-lookingstatements.
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