On August 2, 2018, Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (“Laurion” or the “Corporation”) successfully closed the first tranche of its previously-announced non-brokered private placement consisting of an aggregate of 5,353,888 units (comprised of 4,673,888 flow-through units and 680,000 non flow-through units at a subscription price of $0.09 per Unit.
Each flow-through unit consists 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) and one common share purchase warrant. Each non flow-through unit consists of one non flow-through common share of the Corporation and one warrant. Each warrant (whether comprising part of a FT unit or a Non-FT unit) entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.12 per share for a period of 24 months from the date of issuance.
The Corporation is a junior mineral exploration and development company focused on the development of its flagship project, the 100% owned mid-stage Ishkoday Project.
Jonathan Tong and Konstantin Starostin (corporate/M&A) as well as Neil Gurmukh (tax) of Miller Thomson advised Laurion Mineral Exploration in regards to this financing.