TORONTO, Feb. 7, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V:
LME) (OTCQX:LMEFF) ("Laurion") proposes to extend the closing date of the second tranche (the "Extension") of its ongoing private placement offering of units (the "Offering"). The second tranche of the Offering is expected to be completed
before the end of March.
The Offering, which is being conducted through an agent, is composed of
a first tranche of flow-through units (each, a "FT Unit"), which closed on December 28, 2011 for aggregate gross proceeds of
approximately $464,224, and a second tranche of non-flow-through units
(each, a "NFT Unit"), which is ongoing. The FT Units consisted of: (i) one common share
of Laurion, which qualifies as a flow-through share pursuant to the Income Tax Act (Canada); and (ii) one common share purchase warrant (each, a "Warrant"). The NFT Units will consist of: (i) one common share of Laurion,
issued on a non-flow-through basis (each, a "NFT Share"); and (ii) one Warrant. Each Warrant entitles, or will entitle, the
holder thereof to purchase, for a period of 24 months (the "Term") from the closing of the respective tranche under which the Warrant
was issued, one NFT Share at an exercise price of $0.10 per NFT Share.
In connection with the Offering, Laurion 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, a portion of which has already been paid for the first
tranche of the Offering which closed on December 28, 2011. Each
Agent's Warrant 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 Extension is subject to approval of the TSX Venture Exchange.
Laurion intends to use the proceeds of the Offering to finance the
drilling, exploration and development of the 5,382 hectare Sturgeon
River property, Beardmore, Ontario;
relevant technical work requirements to bring the Bell Mountain property
in Nevada towards production; and
general corporate purposes.
"Laurion is continuing to deliver encouraging results from its Sturgeon
River property, and is extending the Offering in order to optimize
access to the maximum amount of the Offering," commented Cynthia Le
Sueur - Aquin, President and Chief Executive Officer of Laurion.
About Laurion Mineral Exploration Inc.
Laurion'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 and the anticipated final closing date of 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.
HBdocs - 11912319v2
SOURCE Laurion Mineral Exploration Inc.
For further information:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President