HLM Announces Closing of $100,030 from Flow-Through Financing
10.09.2013 | FSCwire
HLM Announces Closing of $100,030 from Flow-Through Financing
Sudbury, Ontario CANADA, September 10, 2013 /FSC/ - Houston Lake Mining Inc. (HLM - TSX Venture),is a mining exploration company which is actively exploring for rare metals lithium (Li), and tantalum (Ta) and currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM today reported the closing of one non-brokered private placement offering of 1,429,000 flow through units ("FT Units") of the Company priced at $0.07 per FT Unit, for total gross proceeds of $100,030.
Each Unit of the $100,030 Flow-Through Financing (1,429,000 flow-through units) 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-half (1/2) of one 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 $0.10 for a 24 month period from closing (the "Offering").
In connection with the $100,030 Offering, the Company issued a finder's fee of $5,001.50 (5% of the gross proceeds of the Offering) and 71,450 finder options (5% of the total number of Units sold under the Offering) to Accilent Capital Management Inc. of Toronto, ON. Each finder option will be exercisable at a price of $0.10 into one common share for a period of two years from the date of issuance.
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 exploration of HLM's 100% owned and optioned PAK Rare Metals project located in northwestern Ontario.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the rare metals lithium (Li), tantalum (Ta), rubidium (Rb) and cesium (Cs) and currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. A recent Phase I, 1,000m, 6-hole diamond drill program intersected up to 4.22% Li2O over 18 and 236 ppm Ta2O5 over 19m in two distinct pegmatite zones. The Pakeagama Lake pegmatite also has large tonnage potential currently displaying a 250m strike length with an estimated width varying from 45 to 125m assuming sub-vertical orientation of the pegmatite and remains open in all directions (WNW, ESE and at depth).
HLM has a total of 76,665,695 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
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 http://www.sedar.com
To view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/houstonlake09102013.pdf
Source: Houston Lake Mining Inc. (TSX-V: HLM) (Pink Sheets: HLKMF) http://www.houstonlakemining.com
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