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Laurion Renegotiates Arrangement With CGM Regarding Midlothian Property and Announces Completion of Previously-Announced Private Placement of Units
Laurion Renegotiates Arrangement With CGM Regarding Midlothian Property and Announces Comp...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"\n\n\n\nLaurion Renegotiates Arrangement With CGM Regarding Midlothian Property and Announces Completion of Previously-Announced Private Placement of 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, July 30, 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, July 30, 2019 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (\"LAURION\" or the \"Corporation\") is pleased to announce that it has successfully renegotiated the terms of its arrangement with Canadian Gold Miner Corporation (\"CGM\") in regards to an early-stage exploration project located 80 km west-southwest of Kirkland Lake, Ontario and 25 km west-southwest of Matachewan, Ontario (the \"Midlothian Property\").\nThe Midlothian Property is subject to certain agreements dated July 18, 2014 that were collectively assumed by CGM pursuant to an assignment agreement dated February 29, 2016 (the \"Midlothian Agreement\").  \nDue to some unsatisfied conditions, LAURION and CGM have agreed to terminate the Midlothian Agreement and in its place, enter into a joint venture (the \"Joint Venture\") for the purposes of extending the parties' arrangement regarding the Midlothian Property. The principal purpose of this arrangement was to advance the development and operate the mining of any commercially exploitable ore body on the Midlothian Property. The Joint Venture effectively extends and builds upon the Midlothian Agreement, which is replaced in its entirety by a new joint venture agreement dated July 25, 2019 (the \"Joint Venture Agreement\").\nJoint Venture Highlights\nAcquisition of 30% Interest in the Midlothian and Doon Properties: LAURION will reacquire a 30% interest in the Midlothian Property and also obtain a new 30% interest in certain mining claims located adjacent to the Midlothian Property in the Doon and Midlothian Townships (the \"Doon Property\" and together with the Midlothian Property,...