TORONTO, Feb. 28, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF) ("Laurion" or the "Corporation") has closed the second tranche of a brokered private placement (the "Offering") consisting of 6,892,330 Units at a price of $0.06 per Unit (each a "Unit") for aggregate gross proceeds of $413,539.80. The Offering is subject to the final approval of the TSXV Venture Exchange.
Each Unit is comprised of: (i) one common share in the capital of Laurion (each, a "Common Share"); and (ii) one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase, for a period of 24 months (the "Term") from the date of closing, one Common Share at an exercise price of $0.10 per Common Share.
In connection with the Offering, a cash commission of $37,218.58, equal to 9% of the gross proceeds of the Offering, and 689,233 Options (the "Agent's Option"), equal to 10% of the aggregate number of Units sold pursuant to the Offering, were paid. Each Agent's Option shall entitle the Agent to purchase one Common Share (each, an "Agent's Share") at an exercise price of $0.06 per Agent's Share for a period of 24 months from the date of issuance of the Agent's Option.
Directors of the Company, Cynthia Le Sueur-Aquin, Terrence Byberg and David Burkes, subscribed for Units in the Offering.
"We are very pleased with the results and the ability to raise capital in this second tranche of the private placement under current market conditions," said Cynthia Le Sueur - Aquin, Laurion's President and CEO. "The closing of the private placement provides Laurion with adequate funding to support ongoing activities at the Bell Mountain and for general corporate purposes".
About Laurion Mineral Exploration Inc.
The Corporation'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 and PGEs 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 release.
This news release includes certain forward-looking statements concerning the future performance of Laurion's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Such statements include, but are not limited to, statements concerning the approval of Laurion's application to trade its common shares over the facilities of the OTCQX and the commencement of such trading. 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, as described in more detail in our recent securities filings available at www.sedar.com. 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
For further information:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President