Issued and Outstanding 40,778,383 Common Shares
TORONTO, Nov. 16 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME)
(the "Corporation") is pleased to announce the closing on November 16, 2007 of
a non-brokered private placement (the "Private Placement") of 15,653,000
flow-through units (each a "FT Unit") at $0.115 each and 6,917,300 non
flow-through units (each a "NFT Unit") at $0.10 each for aggregate gross
proceeds of approximately $2,500,000. 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 non flow-through 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. Each NFT Unit consists of one Common Share and one-half of
The Corporation paid finder's fees to various finders (the "Finders").
The finder's fees were comprised of an aggregate of 1,944,214 Warrants, being
10% of the number of FT Units and NFT Units subscribed for in the Private
Placement attributable to the Finders and aggregate cash commissions of
$171,269, being 8% of the gross proceeds raised in the Private Placement
attributable to the Finders.
The securities issued pursuant to the Private Placement 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 Venture Exchange.
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.
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