Issued and Outstanding 34,445,776 Common Shares
TORONTO, Oct. 15 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME)
(the "Corporation") is pleased to announce that it intends to complete a
non-brokered private placement of up to 22,653,000 units of the Corporation
(the "Offering"). The Offering consists of a maximum of 15,653,000
flow-through units at $0.115 per unit (the "FT Units") and a maximum of
7,000,000 non flow-through units at $0.10 per unit (the "NFT Units"), for
maximum gross proceeds of $2,500,000. The Corporation intends to close the
Offering on or about October 31, 2007.
Each NFT Unit consists of one non flow-through common share in the
capital of the Corporation (an "NFT Share") and one-half of one common share
purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the
holder to purchase one additional NFT Share at an exercise price of $0.20 per
NFT Share for 24 months from the date of closing.
Each FT Unit consists of one common share in the capital of the
Corporation issued on a flow-through basis pursuant to the Income Tax Act
(Canada) (a "FT Share") and one-half of one 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 and the
Offering remains subject to the approval of the TSX Venture Exchange Inc.
The Corporation will use the proceeds of the Offering to fund its
exploration drilling programs and on going working capital expenses.
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, firstname.lastname@example.org, Tel: (416) 868-1079 ext.247; Kelly
Cody, Assoc. Account Manager, email@example.com, Tel: (416) 868-1079 ext.223