TORONTO, Aug. 1, 2013 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V:
LME) and (OTCQX: LMEFF) ("Laurion" or the "Company") is pleased to announce that it has closed the first tranche of a
private placement (the "Offering") consisting of 3,333,332 flow-through units (each a "Unit") at a price of $0.06 per Unit for aggregate gross proceeds of
$199,999.92. Please note that the Offering remains subject to the
final approval of the TSX Venture Exchange (the "TSX-V").
Each Unit consists of: (i) one common share of Laurion, which qualifies
as a flow-through share pursuant to the Income Tax Act (Canada); and
(ii) one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holders thereof to purchase, for a period
of 24 months (the "Term") from the closing of the Offering (the "Closing"), one common share of Laurion issued on a non-flow-through basis upon
payment of $0.10. Pursuant to applicable TSX-V policies, each
purchaser subscribing under the Offering is subject to a hold period
expiring on December 2, 2013.
Finder's fees totalling an aggregate of $13,999.99 cash and 233,333
non-transferrable options (the "Finder's Options") were paid in connection with the Offering. Each Finder's Option
entitles the holder to purchase one common share of Laurion (issued on
a non-flow-through basis) at an exercise price of $0.06 per common
share for a period of 24 months from the Closing. Legal and settlement
fees in the amount of $7,500.00 (plus HST) were also paid to the Finder
in respect of the Offering.
The net proceeds from the Offering will be used to complete a series of
defined drill and exploration programs to develop the three base metal
mineralized Volcanic Massive Sulphide trends (Tehya, Loki and River
trends) totalling 9 kilometres in strike length on the Ishkoday
Property (as defined hereinafter), located 28 kilometres northeast of
Beardmore, Ontario, and for working capital purposes.
About Laurion Minerals Exploration Inc.
Laurion Mineral Exploration Inc. is a junior mining company focusing on
the upside of its 100%-owned Ishkoday property, which is located in
Beardmore, Ontario, approximately 220 kilometres northeast of Thunder
Bay, and is a high impact project with a primary focus on gold and base
metals (the "Ishkoday Property"). With proven ability to develop early stage projects and create
shareholder value by monetizing its discoveries and assets, Laurion has
realized a total of $6.35 million in the last two years from
monetization of its assets. The Company's current focus is on resource
development at the Ishkoday Property.
As a result of its recent grab sample results collected on the
Midlothian Property (as defined hereinafter), as disclosed in a press
release dated July 23, 2013, the Company recognizes that there may be a
significant potential on the Midlothian Property. Moving forward,
Laurion intends to focus some of its exploration expertise on this
property, which consists of 11 claims (152 claim units) covering an
area of approximately 24.2 square kilometres that is situated 80
kilometres west-southwest of Kirkland Lake and 25 kilometres
west-southwest of Matachewan (the "Midlothian Property").
Neither the TSX-V nor its Regulation Services Provider (as that term is
defined in the policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this news release.
This news release includes certain forward-looking statements concerning
the future performance of Laurion's business, operations and financial
performance and condition, as well as management's objectives,
strategies, beliefs and intentions. Forward-looking statements are
frequently identified by such words as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to
future events and results. Forward-looking statements are based on the
current opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative nature
of mineral exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described in
more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in
the forward-looking statements and Laurion cautions against placing
undue reliance thereon. Laurion and its management assume no obligation
to revise or update these forward looking statements.
SOURCE: Laurion Mineral Exploration Inc.
