Houston Lake Mining Announces Closing of Oversubscribed Financing with a Second Tranche of $100,000 from Flow-Through Financing
Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration
company which is actively exploring for rare metals and currently
focusing on its 100% owned and optioned Pakeagama Rare Metals Project in
northwestern Ontario, Canada. HLM today reported the closing of a
non-brokered private placement offering of 2,000,000 units ('Units') of
the Company priced at $0.05 per Unit, for total gross proceeds of
$100,000. The private placement financing announced July 17th, 2012 was
oversubscribed by $100,000 with the closing of this second tranche.
Each Unit consists of one (1) Common Share of the Company (to be issued
on a 'flow-through' basis pursuant to the Income Tax Act
(Canada) (a 'Flow-Through Share') and one (1) share purchase warrant
(the 'Warrant') (each full Warrant shall entitle the holder thereof to
purchase one (1) additional common share of HLM at an exercise price of
$0.12 for a 24 month period from closing (the 'Offering').
All of the Flow-Through Shares and Warrants issued pursuant to the
private placement are subject to a 4-month hold period. Proceeds from
the financing will be used to advance Houston Lake′s 100% owned and
optioned Pakeagama Rare Metal project located in northwestern Ontario.
No finder′s fees or options were necessary for the offering.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the
rare metals cesium, tantalum, lithium and currently focusing on its 100%
owned and optioned Pakeagama Rare Metals Project in northwestern
Ontario, Canada. HLM has a total of 58,119,056 common shares issued and
outstanding. For additional information, please visit www.houstonlakemining.com.
Forward-looking Statements
Neither the 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 release includes certain statements that may be deemed
'forward-looking statements?. All statements in this release, other than
statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events or
developments that the Company expects are forward-looking statements.
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
or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially
from those in forward looking statements include market prices,
exploitation and exploration successes, 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 those actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
Investors should review the Company′s registered filings what are
available at www.sedar.com.
Houston Lake Mining Inc.
Henry J. Kloepper, CEO
2892
White Street
Val Caron, ON.
P3N 1B2 CANADA
T. +001
705.897.7622
F. +001 705.897.7618
