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.