Deal increased from C$750,000; proceeds fund drilling and exploration
By Devika Patel
Knoxville, Tenn., June 23 - Laurion Mineral Exploration Inc. said its non-brokered private placement of units will be increased to C$1.25 million from C$750,000. The deal priced June 17.
The company will now sell 12.5 million units of one flow-through common share and one warrant at C$0.10 apiece.
Each two-year warrant will be exercisable at C$0.16 in the first year and at C$0.18 in the second. The strike prices reflect premiums of 128.57% and 157.14% to C$0.07, the June 16 closing share price.
Settlement is expected July 7.
Proceeds will be used for drilling, exploration and development of the Sturgeon River property.
Laurion, based in Toronto, is a gold and base metals exploration company.
| Issuer: | Laurion Mineral Exploration Inc.
|
| Issue: | Units of one flow-through common share and one warrant
|
| Amount: | C$1.25 million
|
| Units: | 12.5 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.16 in the first year, C$0.18 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | June 17
|
| Upsized: | June 23
|
| Settlement date: | July 7
|
| Stock symbol: | TSX Venture: LME
|
| Stock price: | C$0.07 at close June 17
|
| Market capitalization: | C$4.34 million
|
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