(TheNewswire)
TORONTO, ONTARIO (April 10, 2024) –LAURION Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF)(“LAURION” or the “Corporation”) todayannounced that it is proposing to complete a flow-through privateplacement on a non-brokered basis (the “ Private Placement ”). The Corporation intends to raise up to approximately$1.7 million in gross proceeds by issuing up to approximately 3,777,778 flow-throughshares (the “ FTShares ”) at a price of $0.45 per FTShare.
Each FT Share will be 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 will be used for “Canadian exploration expenses”(within the meaning of the Tax Act), which will qualify, oncerenounced, as “flow-through mining expenditures”, as defined inthe Tax Act, which will be renounced with an effective date of nolater than December 31, 2024 (provided the subscriber deals at arm’slength with the Corporation at all relevant times) to the initialpurchasers of FT Shares in an aggregate amount not less than the grossproceeds raised from the issue of the FT Shares.
As at the date hereof, the Corporation has acceptedsubscription agreements for the Private Placement in aggregate grossproceeds of approximately $1.67 million.
In connection with the Private Placement, theCorporation may pay finders’ fees in the form of cash commissions.
The closing of the Private Placement, as well as thepayment of finders’ fees in connection therewith, are subject to thefinal approval of the TSX Venture Exchange (the “ TSXV ”). TheCorporation intends to close the Private Placement on or about April12, 2024, subject to receipt of all necessary regulatory approvals.All securities issued pursuant to the Private Placement will besubject to, among other things, a hold period of four months and oneday in accordance with applicable Canadian securities laws.
Further to its news releases dated August 24, 2023 andNovember 14, 2023, LAURION is also pleased to announce that itsstrategic partnership with US Capital Global Partners LLC(" US CapitalGlobal ") is advancing smoothly, with thedue diligence process on the Corporation and its activities nearingcompletion, subsequent to the delivery of LAURION’s NationalInstrument 43-101-compliant technical report on the Ishkoday Project,which was announced and filed under the Corporation’s profile onSEDAR+ on February 15, 2024. This collaboration with US Capital Globalwas initiated with the primary aim of exploring opportunities andpotential transactions that may offer strategic benefits to theCorporation and its stakeholders.
LAURION's aim in finalizing the Private Placement is tofortify the Corporation's treasury, enabling the fulfillment of itsexploration objectives over the next 18 to 24 months. Moreover, it isexpected to serve as a signal to US Capital Global and potentialbuyers (see LAURION’s news release datedNovember 14, 2023) that the Corporation's exploration and developmentstrategy is robust and steadfast.
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 has263,346,102 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
Steven Hunter - 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'sobjectives, strategies, beliefs and intentions, the completion of thePrivate Placement, the anticipated size, timing and use of proceeds ofthe Private Placement, the finders’ fees that may be paid by theCorporation in connection with the Private Placement, any potential acquisitions, mergers,financings or other transactions directly or indirectly referencedherein, and the Corporation’s ability to advance, expand and/ordevelop the Ishkoday Project. The forward-looking statements involverisks and uncertainties. Actual events could differ materially fromthose projected herein including as a result of a change in thetrading price of the common shares of the Corporation and the TSXV notproviding its final approval for the Private Placement (including thepayment of finders’ fees in connection therewith). Investors shouldconsult the Corporation’s ongoing quarterly and annual filings, as well as any other additionaldocumentation comprising the Corporation’s public disclosure record,for additional information on risks and uncertainties relating tothese forward-looking statements. The reader is cautioned not to relyon these forward-looking statements. Subject to applicable law, theCorporation disclaims any obligation to update these forward-lookingstatements.
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