LAURION ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNITS

TORONTO, ONTARIO (June 7, 2021) – LAURION Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (“LAURION” or the “Corporation”) is pleased to announce that it has closed its previously-announced non-brokered private placement (the “Private Placement”) consisting of an aggregate of 603,526 units. Pursuant to the Private Placement, the Corporation issued 369,400 flow-through units (the “FT Units”) at a subscription price of $0.67 per FT Unit and 234,126 non flow-through units (the “Non-FT Units”) at a subscription price of $0.63 per Non-FT Unit, for aggregate gross proceeds to the Corporation of $395,000.

 

Each FT Unit consists of one common share of the Corporation issued as a “flow-through share” (as defined in subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”)) (each, a “FT Share”) and one common share purchase warrant (each, a “Warrant”). Each Non-FT Unit consists of one non flow-through common share of the Corporation and one Warrant. Each Warrant (whether comprising part of a FT Unit or a Non-FT Unit) entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.72 per share for a period of 12 months from the date of issuance.

 

The gross proceeds allocable to the FT Shares comprising the FT Units will be used for “Canadian exploration expenses” (within the meaning of the Tax Act), which will qualify, once renounced, as “flow-through mining expenditures”, as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2021 (provided the subscriber deals at arm’s length with the Corporation at all relevant times) to the initial purchasers of FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units which are allocable to the FT Shares. The Corporation intends to use the net proceeds from the issue of Non-FT Units for exploration activities and general working capital purposes.

 

The Corporation did not pay any finders fees in connection with the closing of the Private Placement. 

 

Pursuant to applicable Canadian securities laws, all securities issued pursuant to the Private Placement are subject to a hold period of four months and one day, expiring on October 5, 2021. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the “TSXV”).

 

About LAURION Mineral Exploration Inc.

 

The Corporation is a junior mineral exploration and development company listed on the TSXV under the symbol LME and on the OTCPINK under the symbol LMEFF. The Corporation currently has 228,052,731 outstanding shares, of which approximately 79% of LAURION’s issued and outstanding shares are owned and controlled by Insiders who are eligible investors under the “Friends and Family” categories.

 

LAURION's emphasis is on the development of its flagship project, the 100% owned midstage 47 km2 Ishkoday Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential. The mineralization on Ishkoday is open at depth beyond the current core-drilling limit of -200 m from surface, based on the historical mining to a -685 m depth, in the past producing Sturgeon River Mine. The recently acquired Brenbar Property, which is contiguous with the Ishkoday Property, hosts the historic Brenbar Mine and LAURION believes the mineralization to be a direct extension of mineralization from the Ishkoday Property.

 

FOR FURTHER INFORMATION, CONTACT:

 

LAURION Mineral Exploration Inc.

Cynthia Le Sueur-Aquin – President and CEO

Tel: 1-705-788-9186

Fax: 1-705-805-9256

Website: http://www.LAURION .ca