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Laurion Announces Upsize of Previously Announced Non-Brokered Private Placement of Flow-Through Units
Laurion Announces Upsize of Previously Announced Non-Brokered Private Placement of Flow-Th...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"\n\n\n\nLaurion Announces Upsize of Previously Announced Non-Brokered 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. 16, 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. 16, 2019 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (\"Laurion\" or the \"Corporation\") is pleased to announce that, due to strong investor demand, it has increased the maximum size of its previously-announced non-brokered private placement (the \"Private Placement\") to 5,789,473  flow-through units (the \"Units\") for gross proceeds to the Corporation of up to $1.1 million.   \nAs announced on November 1, 2019 and December 9, 2019, the Corporation has already raised an aggregate of $970,143 through the issuance of 5,106,017 Units pursuant to the closings of the first and second tranches of the Private Placement. The Units were issued at a subscription price of $0.19 per Unit.\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 relevant times) to the initial purchasers of Units in an aggregate amount not less than th...