Business
Laurion announces Completion of Previously-Announced Private Placement of Flow-Through Units and Grant of Stock Options to a Director
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 and Grant of Stock Options to a Director\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, Sept. 9, 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, Sept. 9, 2019 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (\"LAURION\" or the \"Corporation\") is pleased to announce that further to its July 24, 2019 and August 13, 2019 announcements, the Corporation has closed its second and final tranche (the \"Second Tranche\") of the previously-announced non-brokered private placement (the \"Private Placement\") of flow-through units (the \"Units\"). Pursuant to the Second Tranche, the Corporation issued 5,416,667 Units at a price of $0.12 per Unit for aggregate gross proceeds of $650,000. Together with the first tranche of the Private Placement (the \"First Tranche\"), the Corporation raised $1 million through the issuance of 8,333,333 Units.\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 $0.15 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 relevant times) to the initial purchasers of Units in an aggregate amount not less than t...