Laurion Increases Size of Private Placement to a Maximum of $1,250,000
23 Juin 2011 - 7:03PM
Marketwired
Laurion Mineral Exploration Inc. (TSX VENTURE: LME)(OTCQX: LMEFF)
("Laurion" or the "Corporation") announces that it will increase
the size of its previously announced non-brokered private placement
up to $1,250,000 (the "Offering") from $750,000, by issuing up to
12,500,000 flow-through units (each a "Unit") rather than 7,500,000
Units. As previously announced, each Unit will be issued at a price
of $0.10.
Closing of the Offering (the "Closing") is expected to take
place on or about July 7, 2011.
Each Unit shall consist of: (i) one common share of Laurion
(each a "FT Share"), which will qualify as a flow-through share
pursuant to the Income Tax Act (Canada); and (ii) one common share
purchase warrant (each a "Warrant"). Each whole Warrant shall
entitle the holders thereof to purchase, for a period of 24 months
(the "Term") from the Closing of the Offering, one common share of
Laurion issued on a non-flow-through basis (each a "Common Share")
upon payment of $0.16 in the first year of the Term or $0.18 in the
second year thereof.
Unless otherwise mutually agreed upon by, the Corporation shall
pay a cash commission equal to 7% of the gross proceeds of the
Offering and shall issue that number of options (each a "Finder's
Option") as is equal to 7% of the aggregate number of Units sold
pursuant to the Offering. Each Finder's Option shall entitle the
finder to purchase one Unit (issued on a non-flow-through basis) at
an exercise price of $0.10 per Unit (with each Unit in turn
consisting of a Common Share and a Warrant exercisable on the same
terms as the Warrants described above) for a period of 24 months
from the Closing.
The securities issued in connection with the Offering shall be
subject to resale restrictions for a period of four months and one
day from the date of issuance, and the Offering, as increased in
size, remains subject to the approval of the TSX Venture
Exchange.
Laurion intends to use the proceeds of the Offering to finance
the drilling, exploration and development of its Sturgeon River
property.
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.
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.
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.
Contacts: Laurion Mineral Exploration Inc. Cynthia Le
Sueur-Aquin President 1-888-212-4070 or 1-705-788-9186
1-705-788-9187 (FAX) Laurion Mineral Exploration Inc. Karen Doxsee
Vice President, Corporate Communications 1-888-212-4070 or
1-705-788-9186 1-705-788-9187 (FAX) www.laurion.ca
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