Laurion Mineral Exploration Inc.
TSX VENTURE : LME
OTCQX : LMEFF

Laurion Mineral Exploration Inc.

June 23, 2011 13:03 ET

Laurion Increases Size of Private Placement to a Maximum of $1,250,000

TORONTO, ONTARIO--(Marketwire - June 23, 2011) -Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion" or the "Corporation") announces that it will increase the size of its previously announced non-brokered private placement up to $1,250,000 (the "Offering") from $750,000, by issuing up to 12,500,000 flow-through units (each a "Unit") rather than 7,500,000 Units. As previously announced, each Unit will be issued at a price of $0.10.

Closing of the Offering (the "Closing") is expected to take place on or about July 7, 2011.

Each Unit shall consist of: (i) one common share of Laurion (each a "FT Share"), which will qualify as a flow-through share pursuant to the Income TaxAct(Canada); and (ii) one common share purchase warrant (each a "Warrant"). Each whole Warrant shall entitle the holders thereof to purchase, for a period of 24 months (the "Term") from the Closing of the Offering,one common share of Laurion issued on a non-flow-through basis (each a "Common Share") upon paymentof $0.16 in the first year of the Term or $0.18 in the second year thereof.

Unless otherwise mutually agreed upon by, the Corporation shall pay a cash commission equal to 7% of the gross proceeds of the Offering and shall issue that number of options (each a "Finder's Option") as is equal to 7% of the aggregate number of Units sold pursuant to the Offering. Each Finder's Option shall entitle the finder 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 securities issued in connection with the Offering shall be subject to resale restrictions for a period of four months and one day from the date of issuance, and the Offering, as increased in size, remains subject to the approval of the TSX Venture Exchange.

Laurion intends to use the proceeds of the Offering to finance the drilling, exploration and development of its Sturgeon River property.

About Laurion Minerals Exploration Inc.

The Corporation's focus is to make the transition from explorer to 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 and PGEs with key interests in prospective mining properties located in Ontario, Canada and Nevada, USA.

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 www.sedar.com. 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 Mineral Exploration Inc.
    Cynthia Le Sueur-Aquin
    President
    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)
    www.laurion.ca