/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
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UNITED STATES./
TORONTO, Sept. 22,
2022 /CNW/ - LAURION Mineral Exploration Inc.
(TSXV: LME) (OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to announce that, due to strong
investor demand, it has increased the maximum size of its
previously-announced non-brokered private placement (the
"Private Placement") from $550,000 to approximately $2.05 million in aggregate gross proceeds,
consisting of up to approximately 1,952,381 flow-through units (the
"FT Units") at a price of $1.05 per FT Unit.
Each FT Unit will consist of one common share of the Corporation
(an "FT Share") and one-half of one common share purchase
warrant (each whole common share purchase warrant, a
"Warrant"). Each whole Warrant will entitle the holder
thereof to acquire one non flow-through common share of the
Corporation at a price of $1.15 per share for a period of 12 months
from the date of issuance. The FT Shares and the Warrants
comprising the FT Units will qualify as "flow-through shares", as
defined in subsection 66(15) of the Income Tax Act
(Canada) (the "Tax
Act").
The gross proceeds of the Private Placement 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, 2022 (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.
In connection with the Private Placement, the Corporation may
pay finders' fees in the form of cash commissions.
The closing of the Private Placement, which is anticipated to
occur on or about September 27,
2022, remains subject to the approval of the TSX Venture
Exchange (the "TSXV"). All securities that are issued
pursuant to the Private Placement will be subject to, among other
things, a hold period of four months and one day in accordance with
applicable Canadian securities laws.
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. LAURION now has 254,052,613 outstanding
shares of which approximately 80% 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.
Website: http://www.LAURION .ca
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 completion of the Private Placement, the
anticipated timing of closing of the Private Placement, the use of
proceeds therefrom and the finder's fees that may be paid by the
Corporation in connection with the Private Placement. The
forward-looking statements involve risks and uncertainties. Actual
events could differ materially from those projected herein
including as a result of a change in the trading price of the
Corporation's common shares and/or the TSXV not providing its
approval for the upsized Private Placement. 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.