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LAURION Announces Proposed Non-Brokered Private Placement of Flow-Through Shares and Receipt of $790,133 from Exercise of Securities
LAURION Announces Proposed Non-Brokered Private Placement of Flow-Through Shares and Recei...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"\n\n\n\nLAURION Announces Proposed Non-Brokered Private Placement of Flow-Through Shares and Receipt of $790,133 from Exercise of Securities\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, Aug. 4, 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, Aug. 4, 2020 /CNW/ - LAURION Mineral Exploration Inc. (TSXV: LME) (OTCPINK: LMEFF) (\"LAURION\" or the \"Corporation\") today announced that it is proposing to complete a flow-through private placement on a non-brokered basis (the \"Private Placement\"). The Corporation intends to raise up to approximately $500,000 in gross proceeds by issuing up to approximately 2,702,703 flow-through shares (the \"FT Shares\") at a price of $0.185 per FT Share.\nEach FT Share will be a 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\")).\nAs at the date hereof, the Corporation has accepted subscription agreements for the Private Placement in aggregate gross proceeds of approximately $500,000. \nThe gross proceeds 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 Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.  \nIn connection with the Private Placement, the Corporation may pay finders' fees in the form of cash commissions. \nThe closing of the Private Placement is subject to the approval of the TSX Venture Exchange (the \"TSXV\"). The Corporation intends to close the Private Placement on or about August 7, 2020, subject to receipt of all necessary regulatory ap...