Laurion Announces Maximum $1.3 Million Proposed Private Placement

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 Exchange.

The Corporation intends to use the proceeds of the Offering to finance the following:

  • 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 release.

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
Tel: 1-888-212-4070
Tel: 1-705-788-9186
Fax: 1-705-788-9187
Website: www.laurion.ca

Profil de l'entreprise

Laurion Mineral Exploration Inc.

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