/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Sept. 28,
2022 /CNW/ - LAURION Mineral Exploration Inc.
(TSXV: 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 Private Placement, the
Corporation issued 1,917,242 FT Units at a subscription price of
$1.05 per FT Unit, for aggregate
gross proceeds to the Corporation of $2,013,105. As announced on September 22, 2022, due to strong investor
interest and over-subscriptions the Corporation agreed to upsize
the Private Placement from the initial announced maximum size of
$550,000 in gross proceeds.
Each FT Unit consists of one common share of the Corporation
(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 $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 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.
LAURION's chief objective is to initiate the process towards the
development and production on surface stockpiles at the Ishkoday
Project, as well as to continue exploration of the project,
implementing a phased and strategic approach to achieve these
target objectives.
In connection with the Private Placement, certain arm's-length
finders received an aggregate of $31,500.05 as a cash finder's commission.
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 January 28, 2023. 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. LAURION now has 255,969,855 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 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.