/ THIS NEWS RELEASE IS INTENDED FOR
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TORONTO, Dec. 31, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME) (OTCPINK:
LMEFF) ("LAURION" or the "Corporation") is pleased
to announce that it has closed its previously-announced
non-brokered private placement (the "Private Placement")
consisting of flow-through units (the "FT Units"). Pursuant
to the fully-subscribed Private Placement, the Corporation issued
766,666 FT Units at a subscription price of $0.75 per FT Unit, for aggregate gross proceeds
to the Corporation of approximately $575,000.
The Private Placement resulted from strong investor demand for
the Corporation's previous private placement, which closed on
December 8, 2021 on substantially
similar terms. Following the closing of the Private Placement,
LAURION has raised an aggregate of approximately $2,575,000 in gross proceeds from its two
financings completed in December
2021.
Each FT Unit consists of one common share of the Corporation
issued as a "flow-through share" (as defined in subsection 66(15)
of the Income Tax Act (Canada) (the "Tax Act")) (each, a
"FT Share") and one-half of one common share purchase
warrant (each, a "Warrant"). Each Warrant entitles the
holder thereof to acquire one non flow-through common share of the
Corporation at a price of $0.82 per
share for a period of 12 months from the date of issuance.
The gross proceeds allocable to the FT Shares comprising the FT
Units will be used for "Canadian exploration expenses" (within the
meaning of the Tax Act), which will qualify, once renounced, as
"flow-through mining expenditures", as defined in the Tax Act,
which will be renounced with an effective date of no later than
December 31, 2021 (provided the
subscriber deals at arm's length with the Corporation at all
relevant times) to the initial purchasers of FT Units in an
aggregate amount not less than the gross proceeds raised from the
issue of the FT Units which are allocable to the FT Shares.
Pursuant to the Private Placement, a certain director of the
Corporation subscribed for 133,333 FT Units for gross proceeds to
the Corporation of $100,000, which is
considered a related party transaction within the meaning of
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). Full
details of this transaction will be available on the System for
Electronic Disclosure by Insiders (SEDI) at: www.sedi.ca. The
Private Placement is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of the subject matter of the Private Placement, nor
the consideration paid, exceed 25% of the Corporation's market
capitalization. No additional insiders or related parties of the
Corporation participated in the Private Placement. No new insiders
or control persons were created in connection with the closing of
the Private Placement.
The Corporation did not pay any finders' fees or issue any
finder's warrants in connection with the Private Placement.
Pursuant to applicable Canadian securities laws, all securities
issued pursuant to the Private Placement are subject to a hold
period of four months and one day, expiring on May 1, 2022. The Private Placement remains
subject to the final approval of the TSX Venture Exchange (the
"TSXV").
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. The Corporation currently has 247,086,849
outstanding shares, of which approximately 81% of LAURION's issued
and outstanding shares are owned and controlled by Insiders who are
eligible investors under the "Friends and Family" categories.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 47 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The
mineralization on Ishkoday is open at depth beyond the current
core-drilling limit of -200 m from
surface, based on the historical mining to a -685 m depth, in the past producing Sturgeon
River Mine. The Brenbar Property, which was acquired in 2020 and is
contiguous with the Ishkoday Property, hosts the historic Brenbar
Mine. LAURION believes the mineralization to be a direct extension
of mineralization from the Ishkoday Property.
Follow us on Twitter: @LAURION_LME
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, including with respect to LAURION's business, operations
and condition, management's objectives, strategies, beliefs and
intentions, the use of proceeds from the Private Placement. The
forward-looking statements involve risks and uncertainties. Actual
events and future results, performance or achievements expressed or
implied by such forward-looking statements could differ materially
from those projected herein including as a result of a change in
the trading price of the common shares of LAURION, the TSXV not
providing its final approval for the Private Placement, the
interpretation and actual results of current exploration
activities, changes in project parameters as plans continue to be
refined, future prices of gold and/or other metals, possible
variations in grade or recovery rates, failure of equipment or
processes to operate as anticipated, the failure of contracted
parties to perform, labor disputes and other risks of the mining
industry, delays in obtaining governmental approvals or financing
or in the completion of exploration, as well as those factors
disclosed in the Corporation's publicly filed documents. Investors
should consult the Corporation's ongoing quarterly and annual
filings, as well as any other additional documentation comprising
the Corporation's public disclosure record, for additional
information on risks and uncertainties relating to these
forward-looking statements. The reader is cautioned not to rely on
these forward-looking statements. Subject to applicable law, the
Corporation disclaims any obligation to update these
forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.