Issued and Outstanding 32,445,776 Common Shares
TORONTO, June 8 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME)
("Laurion") is pleased to announce that it has engaged Integral Wealth
Securities Limited ("Integral") as its exclusive agent to raise up to
$2 million by way of a brokered private placement offering (the "Offering").
Under the Offering, Laurion shall issue up to 10,666,666 flow-through units
priced at $0.15 per unit (the "FT Units") and up to 3,333,333 non flow-through
units priced at $0.12 per unit (the "NFT Units").
Each FT Unit shall consist of 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 one-half of one common share purchase warrant (each a "FT
Warrant"). Each whole FT Warrant shall entitle the holder thereof to purchase
one common share of Laurion (issued on a non-flow through basis) upon payment
of $0.20 for a period of 24 months from the closing of the Offering (the
Each NFT Unit shall consist of one common share of Laurion (issued on a
non-flow through basis) (each a "NFT Share") and one common share purchase
warrant ("NFT Warrant"). Each NFT Warrant shall entitle the holder thereof to
purchase one common share of Laurion (issued on a non-flow through basis) upon
payment of $0.15 for a period of 24 months from the Closing Date.
Laurion shall pay a cash commission to Integral equal to 7% of the gross
proceeds of the Offering and shall issue to Integral that number of broker
warrants (each an "Agent's Warrant") as is equal to 10% of the aggregate
number of FT Units and NFT Units sold pursuant to the Offering. Each Agent's
Warrant will entitle Integral to purchase one common share of Laurion (issued
on a non flow-through basis) at an exercise price of $0.15 per share for a
period of 24 months from the Closing Date.
The FT Shares, FT Warrants, NFT Shares, NFT Warrants and Agent's
Warrants, as well as the securities which underlie the FT Warrants, NFT
Warrants and Agent's Warrants, shall be subject to a four month hold period
from the Closing Date.
Laurion intends to use the proceeds of the Offering to fund its current
exploration drilling programs on the Enid-Massey, East Clavos and German
Projects as well as the exploration of five Cu-Ni-PGE properties (the
"Alliance Properties") selected under the Strategic Alliance Agreement between
itself and Geoinformatics Exploration Inc. ("Geoinformatics"). Pursuant to the
Strategic Alliance Agreement, Laurion intends to commence aggressive field
based programs on the Alliance Properties, with most of the background work
having already been completed by Geoinformatics and Anglo American Exploration
(Canada) Ltd. The gross proceeds of the flow-through portion of the Offering
will constitute Canadian Exploration Expenses as such term is defined in the
Income Tax Act (Canada).
Cynthia Le Sueur-Aquin, President and CEO of Laurion commented, "We look
forward to this next round of exploration on both the Enid-Massey Project and
the five Alliance Properties. This new and exciting alliance with
Geoinformatics, provides Laurion with an instant knowledge base with respect
to the southwest portion of the Canadian Superior Craton of the Mid Continent
Rift. Further, the Enid-Massey Project contains many untested conductors,
which indicate strong potential for VMS, Cu-Ni-PGE and possible gold
mineralization. The majority of our test holes on the Enid-Massey Project have
confirmed strong VMS-type mineralization with attractive Cu, Zn, Au and Ag
Laurion Mineral Exploration Inc. is an early stage exploration specialist
company with projects in Timmins, Ontario. Laurion's exploration horizons
encompass not only gold, but also base metals and PGE's.
This document may contain or refer to forward-looking information based
on current expectations. Forward-looking statements are subject to significant
risks and uncertainties, and other factors that could cause actual results to
differ materially from expected results. These forward-looking statements are
made as of the date hereof and we assume no responsibility to update or revise
them to reflect new events or circumstances.
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, email@example.com, Tel: (416) 868-1079 ext.247; Kelly
Cody - Assoc. Account Manager, firstname.lastname@example.org, Tel: (416) 868-1079 ext.223