LME Laurion Mineral Exploration Inc

TORONTO, Dec. 29, 2011 /CNW/ - Laurion Mineral Exploration Inc. and (OTCQX: LMEFF) ("Laurion" or the "Corporation") has closed the first tranche of a private placement (the "Offering") consisting of 6,631,767 flow-through units (each a "Unit") at a price of $0.07 per Unit for aggregate gross proceeds of approximately $464,224, as previously announced on November 24, 2011 (the "Initial Announcement"). The terms set forth in the Initial Announcement were subsequently revised, as announced on December 6, 2011. The Offering is subject to the final approval of the TSX Venture Exchange (the "TSXV"). 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 TSXV policies, each purchaser subscribing under the Offering is subject to a hold period expiring on April 29, 2012. Agent's fees totalling an aggregate of $41,780 cash and 663,177 options (the "Agent's Options") were paid in connection with the Offering. Each Agent'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.  A corporate finance fee in the amount of $25,000 (plus HST) was also paid to the Agent in respect of the Offering. The proceeds of the Offering will be used to fund the Company's exploration activities on the Sturgeon River property near Beardmore, Ontario. About Laurion Minerals Exploration Inc. The Corporation's focus is to make the transition from explorer to producer and envisages the realization of shareholder value and wealth through monetization of its discoveries and assets. Laurion's exploration horizons are focused primarily on gold with a secondary interest in base metals and PGEs with key interests in prospective mining properties located in Ontario, Canada and Nevada, USA. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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. Such statements include, but are not limited to, statements concerning the approval of Laurion's application to trade its common shares over the facilities of the OTCQX and the commencement of such trading. 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   Laurion Mineral Exploration Inc. CONTACT: Laurion Mineral Exploration Inc.Cynthia Le Sueur-Aquin - PresidentTel: 1-888-212-4070Tel: 1-705-788-9186Fax: 1-705-788-9187Website: www.laurion.ca

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