Agent Macquarie assists in funding drilling, exploration, development
By Devika Patel
Knoxville, Tenn., Nov. 28 - Laurion Mineral Exploration Inc. said it arranged a C$1.3 million private placement of units on Nov. 24 with agent Macquarie Private Wealth Inc.
The company will sell 8.75 million flow-through units of one flow-through common share and one half-share warrant at C$0.08 per unit for C$700,000.
Laurion Mineral also will sell 10 million non flow-through units of one common share and one warrant at C$0.06 each for C$600,000.
The whole warrants are exercisable at C$0.08 each for two years. The strike price is a 60% premium to the Nov. 23 closing share price of C$0.05.
Settlement is expected Dec. 9.
Proceeds will be used for drilling, exploration and development of the Sturgeon River property, relevant technical work requirements to bring the Bell Mountain property toward production and general corporate purposes.
Laurion, based in Toronto, is a gold and base metals exploration company.
| Issuer: | Laurion Mineral Exploration Inc.
|
| Issue: | Flow-through units of one flow-through common share and one warrant, non flow-through units of one common share and one warrant
|
| Amount: | C$1.3 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.08
|
| Agent: | Macquarie Private Wealth Inc.
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 9
|
| Stock symbol: | TSX Venture: LME
|
| Stock price: | C$0.05 at close Nov. 24
|
| Market capitalization: | C$3.67 million
|
|
|
| Flow-through units
|
| Amount: | C$700,000
|
| Units: | 8.75 million
|
| Price: | C$0.08
|
|
|
| Non flow-through units
|
| Amount: | C$600,000
|
| Units: | 10 million
|
| Price: | C$0.06
|
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