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Laurion Announces Closing of Non-Brokered Private Placement of Units
Laurion Announces Closing of Non-Brokered Private Placement of Units Canada NewsWi...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"\n\n\n\nLaurion Announces Closing of Non-Brokered Private Placement of Units\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 25, 2020\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, March 25, 2020 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (\"LAURION\" or the \"Corporation\") today announced that it has closed its previously-announced non-brokered private placement (the \"Private Placement\") consisting of an aggregate of 970,916 units (comprised of 686,060 flow-through units (the \"FT Units\") and 284,856 non flow-through units (the \"Non-FT Units\" and collectively with the FT Units, the \"Units\")) at a subscription price of $0.165 per Unit for aggregate gross proceeds to the Corporation of approximately $160,200.\nEach 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 $0.21 per share for a period of 12 months from the date of issuance.\nThe 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, 2020 (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 ...