Issued and Outstanding 34,445,776 Common Shares
TORONTO, Oct. 18 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME)
(the "Corporation") is pleased to announce the closing on October 17, 2007 of
a non-brokered private placement (the "Private Placement") of 4,347,825
flow-through units (each a "FT Unit") at $0.115 each to the MineralFields
Group for aggregate gross proceeds of $500,000. Each FT Unit consists of one
flow-through common share in the capital of the Corporation (each a
"Flow-Through Share") and one-half of one non-flow-through common share
purchase warrant (each whole warrant a "Warrant"). Each Warrant entitles the
holder thereof to purchase one common share (each a "Common Share") at a price
of $0.20 per Common Share for a period of two years from the closing date.
The Corporation paid a finder's fee to Limited Market Dealer Inc. in the
form of Common Shares equal to 10% of the number of FT Units subscribed for in
the Private Placement. The Corporation also paid a due diligence fee to
Limited Market Dealer Inc. equal to 7% of the gross proceeds raised in the
Private Placement and a due diligence fee to Meadowbank Asset Management Inc.
equal to 1% of the gross proceeds raised in the Private Placement.
The Flow-Through Shares, Common Shares and Warrants are subject to resale
restrictions for a period of four months and one day from the date of issuance
and the Private Placement remains subject to the final approval of the TSX
"We are very pleased that MineralFields Group has invested in Laurion and
look forward to working with MineralFields Group", said Cynthia Le
Sueur-Aquin, President of the Corporation.
Laurion Mineral Exploration Inc. is an early stage exploration specialist
company with projects in Ontario. Laurion's exploration horizons encompass not
only gold, but also base metals and PGE's.
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R) is active in
leading resource financings (both flow-through and hard dollar) on
competitive, effective and service-friendly terms, with investors both within,
and outside of, MineralFields Group.
For further information:
For further information: Laurion Mineral Exploration Inc., Cynthia Le
Sueur-Aquin - President, Tel: (705) 788-9186, Fax: (705) 788-9187, Website:
www.laurion.ca; CHF Investor Relations - www.chfir.com, Barry Leung - Broker
Relations Account Manager, firstname.lastname@example.org, Tel: (416) 868-1079 ext.247; Kelly
Cody - Assoc. Account Manager, email@example.com, Tel: (416) 868-1079 ext.223