Business
Laurion Provides Corporate Updates on Recent Private Placements and Activities
Toronto, Ontario--(Newsfile Corp. - May 1, 2018) - Laurion Mineral Exploration Inc. (TSXV: L...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"Laurion Provides Corporate Updates on Recent Private Placements and ActivitiesToronto, Ontario--(Newsfile Corp. - May 1, 2018) - Laurion Mineral Exploration Inc. (TSXV: LME) (OTC Pink: LMEFF) (\"Laurion\" or the \"Corporation\") is pleased to provide a recap on recent corporate events and planning.The Corporation announced in a press release disseminated on April 24, 2018 — (see https://bit.ly/2Ju0d9F) the execution of a Letter of Intent (the \"LOI\") outlining the terms and conditions for the extraction of gold and silver from surface stockpiles at the Ishkoday Property with a private investment group (the \"Investor\"). The Investor will help fund the processing of the Surface Stockpiles for gross proceeds of $5 million in two non-brokered placements — an interim $500,000 private placement, to be followed by a $4.5 million investment in a 100% owned subsidiary (\"NEWCO\") of Laurion, upon completion of a positive PEA.The immediate financing of $500,000 to Laurion is set at a price of $0.07 per unit, each unit being comprised of one common share and one warrant to acquire one additional common share at a price of $0.09 per share (the \"Laurion Private Placement\"). The Laurion Private Placement is expected to be used for the completion of a Preliminary Economic Analysis (the \"PEA\") which will determine the potential to process and extract gold and any other valuable materials from the Surface Stockpiles; of the historic Sturgeon River Mine; and an Exploration Program at the Ishkoday Project. Laurion and the Investor will each own an equity interest in NEWCO of 51% and 49%, respectively. The net proceeds from the NEWCO Private Placement for $4.5 million is expected to be used by Newco for the permitting, development and commissioning of the processing facilities that will process the Surface Stockpiles.Laurion and Investor are working towards the execution of a Definitive Agreement by the end of Q2-2018, which will entail Management, Operating and Contracting Agreements. Terms and condition for the $4.5million placement will be mutually agreed upon, and defined in Definitive Agreement.The former Sturgeon River Mine which produced 73,322 ounces of gold, and 15,929 ounces of silver (1936-1942) from the No. 3 Vein (24 g/t gold) generated a gold and silver bearing stockpile of 144,070 tonnes grading 1.59g/t in the In...