TORONTO, Nov. 24, 2011 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) (OTCQX: LMEFF) ("Laurion" or the "Corporation") announces that it has entered into an Engagement Letter with
Macquarie Private Wealth Inc. ("Macquarie" or the "Agent") for the proposed private placement of up to 18,750,000 units of the
Corporation for maximum of up to $1.3 million (the "Offering").
The Offering consists of a maximum of 8,750,000 flow-through units at
$0.08 per unit (the "FT Units") for maximum gross proceeds of $700,000, and a maximum of 10,000,000
non flow-through units at $0.06 per unit (the "NFT Units" and collectively with the FT Units, the "Units"), for maximum gross proceeds of $600,000. The Corporation intends to
close the Offering on or about December 9, 2011.
Each NFT Unit consists of one non flow-through common share in the
capital of the Corporation (an "NFT Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common
share at an exercise price of $0.08 per share for 24 months from the
date of closing. Each FT Unit consists of one flow-through common
share in the capital of the Corporation (a "FT Share") and a warrant. The FT Shares, NFT Shares and Warrants are subject to
resale restrictions for a period of four months and one day from the
date of issuance.
In connection with the Offering, the Corporation has agreed to pay a
cash commission equal to 9% of the gross proceeds of the Offering and
shall issue that number of warrants (each an "Agent's Warrant") as is equal to 10% of the aggregate number of Units sold pursuant to
the Offering. Each Agent's Option shall entitle the Agent to purchase
one NFT share at an exercise price of $0.06 per NFT share for a period
of 24 months from the date of issuance of the Warrant.
The Offering is subject to the regulatory approval by the TSX Venture
The Corporation intends to use the proceeds of the Offering to finance
Drilling, exploration and development of the 5,082 hectare Sturgeon
River property, Beardmore, Ontario;
Relevant technical work requirements to bring the Bell Mountain property
in Nevada towards production; and
General corporate purposes
About Laurion Mineral 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 with key interests in prospective mining
properties located in Ontario, Canada and Nevada, USA.
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 news
This news release includes certain forward-looking statements concerning
the future performance of Laurion's business, operations and condition,
as well as management's objectives, strategies, beliefs and intentions.
Such statements include, but are not limited to, statements concerning,
among other things, the intended use of proceeds raised from the
Offering. 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. 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 except as required by law.
SOURCE Laurion Mineral Exploration Inc.
For further information:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President