Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

July 21, 2011 10:30 ET

Laurion Completes $820,000 Private Placement

TORONTO, ONTARIO--(Marketwire - July 21, 2011) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion" or the "Corporation") has closed the private placement (the "Offering") of the issuance of 8,200,000 flow-through units (each a "Unit") at a price of $0.10 per Unit for aggregate gross proceeds of $820,000, as previously announced on June 17, 2011 (the "Initial Announcement"). The terms set forth in the Initial Announcement were subsequently revised, as announced on June 23, 2011. The Offering is subject to the final approval of the TSX Venture Exchange.

Each Unit consists of: (i) one common share of Laurion, which qualifies as a flow-through share pursuant to the Income Tax Act (Canada); and (ii) one common share purchase warrant (each a "Warrant"). Each whole Warrant entitles the holders thereof to purchase, for a period of 24 months (the "Term") from the closing of the Offering (the "Closing"), one common share of Laurion issued on a non-flow-through basis (each a "Common Share") upon payment of $0.16 in the first year of the Term or $0.18 in the second year thereof.

Finder's fees totalling an aggregate of $66,850 cash and 799,000 options (the "Finder's Options") were paid in connection with the Offering. While 750,000 of the issued Finder's Options each entitle the holder to purchase one Unit (issued on a non-flow-through basis) at an exercise price of $0.10 per Unit (with each Unit in turn consisting of a Common Share and a Warrant exercisable on the same terms as the Warrants described above) for a period of 24 months from the Closing, the remaining issued Finder's Options each entitle the holders to purchase one Common Share at an exercise price of $0.10 per Common Share for a period of 24 months from the Closing.

The proceeds of the Offering will be used to fund the Company's exploration activities on the Sturgeon River property near Beardmore, Ontario.

About Laurion Minerals Exploration Inc.

The Corporation's focus is to make the transition from explorer to near‐term producer and envisages the realization of shareholder value and wealth through monetization of its discoveries and assets. Laurion's exploration horizons are focused primarily on gold with a secondary interest in base metals, with key interests in prospective mining properties located in Ontario and Nevada.

This news release includes certain forward-looking statements concerning the future performance of Laurion's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Such statements include, but are not limited to, statements concerning the approval of Laurion's application to trade its common shares over the facilities of the OTCQX and the commencement of such trading. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements and Laurion cautions against placing undue reliance thereon. Laurion and its management assume no obligation to revise or update these forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Laurion Minerals Exploration Inc.
    Cynthia Le Sueur-Aquin
    1-888-212-4070 or 1-705-788-9186
    1-705-788-9187 (FAX)

    Laurion Mineral Exploration Inc.
    Karen Doxsee
    Vice President, Corporate Communications
    1-888-212-4070 or 1-705-788-9186
    1-705-788-9187 (FAX)