Laurion Completes First Tranche of Private Placement; Half A Cent Above Year Low
Laurion Mineral Exploration Inc. (LME.V) has closed the first tranche of a private placement consisting of 6,631,767 flow-through units at seven cents per Unit for aggregate gross proceeds of approximately $464,224. The Offering is subject to the final approval of the TSXV.
Each Unit consists of one common share of Laurion and one common share purchase warrant. Each Warrant entitles the holders thereof to purchase, for a period of 24 months from the closing of the Offering one common share of Laurion issued on a non-flow-through basis upon payment of 10 cents. Each purchaser subscribing under the Offering is subject to a hold period expiring on April 29, 2012.
Laurion will use the proceeds to fund exploration activities on the Sturgeon River property near Beardmore, Ontario.
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