LaFleur Minerals Completes Share Issuance Pursuant to Option Agreement

Rhea-AI Summary

LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: WPNNF) has announced the issuance of 4,000,000 common shares as part of exercising its option to acquire a 100% interest in 76 mining claims located in Quebec. The shares were issued at a deemed price of $0.3556 per share. This issuance is related to an Option Agreement with Prospectus Capital Inc., Sukhdeep Sekhon, Fiona Hanson, and Elaine Cooper for the acquisition of the Prospectus Property (24 claims) and the Sekhon Property (52 claims). The properties are situated in Carpentier Township, Barraute Township, and La Morandiere Township in Quebec. This share issuance follows the company's previous announcement on September 5, 2024, regarding the Option Agreement.

Positive

• Acquisition of 100% interest in 76 mining claims in Quebec
• Expansion of company's mineral property portfolio

Negative

• Dilution of existing shareholders' ownership due to issuance of 4,000,000 new shares

Vancouver, British Columbia--(Newsfile Corp. - October 8, 2024) - LAFLEUR MINERALS INC. (CSE: LFLR) (OTCQB: WPNNF) ("LaFleur Minerals" or the "Company") announces that, further to its news release dated September 5, 2024, the Company has issued an aggregate of 4,000,000 common shares in the capital of the Company (the "Shares") as partial exercise of its option (the "Option") to acquire 100% interest in and to (i) 24 mining claims located in Carpentier Township and Barraute Township in the Province of Quebec (the "Prospectus Property"), and (ii) 52 mining claims located in the Carpentier Township, Barraute Township, and La Morandiere Township in the Province of Quebec (the "Sekhon Property", together with the Prospectus Property, the "Property"). The Shares were issued at a deemed price equal to $0.3556 per Share. The Company obtained the Option to acquire the Property pursuant to an Option Agreement (the "Agreement") entered into among the Company, Prospectus Capital Inc., Sukhdeep Sekhon, Fiona Hanson, and Elaine Cooper. Further details pertaining to the Property and the Agreement are set forth in the Company's September 5^th news release.

About LaFleur Minerals Inc.

LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: WPNNF) is focused on the acquisition and development of district-scale gold projects in the Abitibi Gold Belt near Val-d'Or, Québec. Our mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Project, which has significant potential to deliver long-term value. The Swanson Gold Project is over 15,000 hectares (150 km²) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several others. The Swanson Gold Project is easily accessible by road with a rail line running through the property allowing direct access to several nearby gold mills, further enhancing its development potential.

LaFleur is currently acquiring high-resolution airborne geophysics (mag VLF-EM) to help identify mineralized structures at Swanson and completing detailed soil surveys and prospecting/geological mapping for the purpose of drill hole targeting with the goal to commence diamond drilling on several targets within the next several months. Lafleur Minerals is also actively exploring its Mazerac Lithium Property adjacent to Power Metals' Mazerac Lithium Property.

ON BEHALF OF LAFLEUR MINERALS INC.

Paul Ténière, P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com

LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226024

FAQ

How many shares did LaFleur Minerals (WPNNF) issue for the option agreement?

LaFleur Minerals issued 4,000,000 common shares as partial exercise of its option to acquire 100% interest in the mining claims.

What was the deemed price per share for LaFleur Minerals' (WPNNF) share issuance?

The shares were issued at a deemed price of $0.3556 per share.

How many mining claims are involved in LaFleur Minerals' (WPNNF) option agreement?

The option agreement involves a total of 76 mining claims: 24 claims in the Prospectus Property and 52 claims in the Sekhon Property.

Where are the mining claims located that LaFleur Minerals (WPNNF) is acquiring?

The mining claims are located in Carpentier Township, Barraute Township, and La Morandiere Township in the Province of Quebec, Canada.