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Laurion Announces Completion of Previously-Announced Private Placement of Flow-Through Units
Laurion Announces Completion of Previously-Announced Private Placement of Flow-Through Uni...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"\n\n\n\nLaurion Announces Completion of Previously-Announced Private Placement of Flow-Through 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, Dec. 19, 2019\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, Dec. 19, 2019 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (\"Laurion\" or the \"Corporation\") is pleased to announce that further to its previous announcements, the Corporation has closed the third and final tranche (the \"Third Tranche\") of its non-brokered private placement (the \"Private Placement\") of flow-through units (the \"Units\"). Pursuant to the Third Tranche, the Corporation issued 550,000 Units at a price of $0.19 per Unit for aggregate gross proceeds to the Corporation of $104,500. Together with the first and second tranches of the Private Placement, the Corporation raised approximately $1.075 million through the issuance of 5,656,017 Units. As announced on December 16, 2019, the Corporation agreed to upsize the Private Placement as a result of strong investor interest and over-subscriptions.\nEach 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 Warrant entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.25 per share for a period of 24 months from the date of issuance.\nThe gross proceeds allocable to the FT Shares comprising the 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, 2019 (provided the subscriber deals at arm's length with the Corporation at all re...