Settlement of second tranche brings amount raised so far to C$877,764
By Angela McDaniels
Tacoma, Wash., Feb. 28 - Laurion Mineral Exploration Inc. said it completed the second tranche of a C$1.3 million private placement of units. It has raised C$877,764 through the placement so far.
The deal priced on Nov. 24 and is being conducted by agent Macquarie Private Wealth Inc. The offering was revised on Dec. 6.
The company is selling 10 million flow-through units of one flow-through common share and one half-share warrant at C$0.07 per unit for C$700,000.
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.
Laurion Mineral is also selling 10 million non-flow-through units of one common share and one warrant at C$0.06 each for C$600,000. The warrants are exercisable at C$0.10 each for two years, which is a 100% premium to the Nov. 23 closing share price.
In the first tranche, the company sold 6,631,767 flow-through units for C$464,224.
In the second tranche, the company sold 6,892,330 non-flow-through units for C$413,540.
Company directors Cynthia Le Sueur-Aquin, Terrence Byberg and David Burkes subscribed for units in the second tranche.
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 Minerals is a gold and base metals exploration company based in Toronto.
| Issuer: | Laurion Mineral Exploration Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, non-flow-through units of one common share and one warrant
|
| Amount: | C$1.3 million
|
| Units: | 20 million
|
| Agent: | Macquarie Private Wealth Inc.
|
| Pricing date: | Nov. 24
|
| Amended: | Dec. 6
|
| Settlement dates: | Dec. 29 (for C$464,224); Feb. 28 (for C$413,540)
|
| Stock symbol: | TSX Venture: LME
|
| Stock price: | C$0.05 at close Nov. 24
|
| Market capitalization: | C$4.12 million
|
|
|
| Flow-through units
|
| Amount: | C$700,000
|
| Units: | 10 million
|
| Price: | C$0.07
|
| Warrants: | Half-share warrant per unit
|
| Warrant strike price: | C$0.08
|
| Warrant expiration: | Two years
|
|
|
| Non-flow-through units
|
| Amount: | C$600,000
|
| Units: | 10 million
|
| Price: | C$0.06
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.10
|
| Warrant expiration: | Two years
|
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