Listing (TSXV = LO Frankfurt = LE2A)
ROUYN-NORANDA, QC, May 7, 2013 /CNW Telbec/ - LOUNOR EXPLORATION INC. is announcing the closing of the transaction announced on March 22,
2013, following the approval of the TSX Venture Exchange on November 9,
2012. The transaction consists of the acquisition of 105 mining claims
composing the Matagami Gold property. The Matagami Gold property is
located in the Matagami mining camp, Quebec. The Matagami mining camp
has a long history of producing base and precious metals with at least
15 mines to date (former and current producers). Lounor has the option
to acquire a 100% interest in 105 mining claims located in the
Isle-Dieu Township, Province of Quebec, covering a total area of 1,632
The consideration payable by the Corporation consists of the issuance of
15,000,000 common shares over a two years period (7,500,000 in the
first year), a payment of $40,000 over a four year period ($20,000 in
the first year) and a commitment to execute $4,250,000 in exploration
work over a period of six years. When Lounor will have filled these
commitments, the Corporation will pay to the vendors a lump sum of
$125,000 on a monthly basis over a period of 24 months, for a total
amount of $3,000,000.
The vendors have retained a 0.5 % NSR in the property and there is also
an existing 2 % NSR in favor of a former owner.
Cancellation of Debt Settlement
Lounor also announces that the debt settlement that was announced in the
Press Release dated April 26, 2013 for an amount of $10,000 has been
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based natural resources company
with mineral holdings in Ontario and Quebec and is currently focused on
exploration in the Abitibi Greenstone Belt. The belt is found in both
provinces of Ontario and Quebec with approximately 33% in Ontario and
67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of
gold, 450,000,000 tonnes of base metal ore over the last 100 years. The
Company is headquartered in Quebec.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture (TSXV-LO) and on the
Frankfurt Exchange (LE2A).
This press release was prepared by Lounor Exploration Inc. 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.
This document may contain forward-looking statements relating to
Lounor's operations or to the environment in which it operates. Such
statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and may be beyond
Lounor's control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
forward-looking statements, including those set forth in other public
filling. In addition, such statements relate to the date on which they
are made. Consequently, undue reliance should not be placed on such
forward-looking statements. Lounor disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
SOURCE: LOUNOR EXPLORATION INC.