LAURION Mineral Exploration Inc. Announces Proposed Non-Brokered Private Placement of Units

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[{"type":"text","content":" TORONTO, Oct. 9, 2020 /CNW/ - LAURION Mineral Exploration Inc. (TSX.V: LME) (OTCPINK: LMEFF) (\"LAURION\" or the \"Corporation\") today announced that it is proposing to complete a flow-through and non flow-through private placement on a non-brokered basis (the \"Private Placement\"). Under the flow-through portion of the Private Placement, the Corporation intends to raise up to approximately $175,000 in gross proceeds by issuing up to approximately 760,868 flow-through units (the \"FT Units\"). Under the non flow-through portion of the Private Placement, the Corporation intends to raise up to approximately $175,000 in gross proceeds by issuing up to approximately 795,453 non flow-through units (the \"Non-FT Units\"). Pursuant to the Private Placement, the FT Units will be issued at a price of $0.23 per FT Unit and the Non-FT Units will be issued at a price of $0.22 per Non-FT Unit. Each FT Unit will consist of one common share of the Corporation to be 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 will consist of one non flow-through common share of the Corporation and one Warrant. Each Warrant (whether comprising part of an FT Unit or a Non-FT Unit) will entitle the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.24 per share for a period of 12 months from the date of issuance. As at the date hereof, the Corporation has accepted subscription agreements for the Private Placement in aggregate gross proceeds of approximately $300,000. The 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 FT Units which are allocable to the FT Shares. The Corporation intends to use the net proceeds from the issue of Non-FT Units fo...

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