On July 18, 2018, Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (“Laurion” or the “Corporation”) successfully closed its previously-announced non-brokered private placement consisting of an aggregate of 8,947,857 units at a subscription price of $0.07 per Unit for aggregate gross proceeds to the Corporation of $626,350, which exceeds the initial maximum size of the private placement that was previously announced.
Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.09 for a period of 24 months following the date of issue, subject to customary adjustment provisions.
The Corporation intends to use the net proceeds of the private placement for: (i) the completion of the PEA; and (ii) general exploration and development activities of Laurion.
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) of Miller Thomson advised Laurion Mineral Exploration in regards to this financing.