HLM Announces Closing of $558,000 from Flow-Through Financing
04.06.2014 | FSCwire
HLM Announces Closing of $558,000 from Flow-Through Financing
Sudbury, Ontario CANADA, June 04, 2014 /FSC/ -Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium, tantalum, rubidium and cesium by currently advancing its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM today reported the closing of a non-brokered private placement offering with two Places for a total of 6,200,000 flow-through units ("FT Units") of the Company priced at $0.09 per FT Unit, for total gross proceeds of $558,000.
Each Unit of the $558,000 Flow-Through Financing (6,200,000 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 $0.13 for a 24 month period from closing (the "Offering").
In connection with the $558,000 Offering, the Company issued finder's fees of $44,640 (8% of the gross proceeds of the Offering) and 496,000 finder options (8% of the total number of Units sold under the Offering). Each finder option will be exercisable at a price of $0.13 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 the PAK Rare Metals Project
The PAK Rare Metals Project lies close to the boundary between two geological sub-provinces in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is a LCT (lithium, cesium, tantalum) classified pegmatite. These rare types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world.
HLM is actively developing its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit has a current NI-43.101 compliant Inferred Resource of 6.89million tonnes of 1.86% Li2O Eq. Within the deposit, the pegmatite uniquely hosts 1.17million tonnes grading 3.44% Li2O in a technical/ceramic grade spodumene lithium zone (UIZ) with low inherent iron content. The Pakeagama Lake pegmatite has a 265m strike length with an estimated width varying from 45 to 125m with a sub-vertical orientation of the pegmatite. The resource remains open to depth and along strike to the northwest and southeast. An 8-hole, 1,500m Phase II diamond drill program was completed in late March 2014 whereby assay results have yet to be disseminated.
About Houston Lake Mining Inc.
HLM's goal is to become a fully integrated lithium and tantalum producer through the development of the PAK Rare Metals Project in Ontario, Canada . The Company's strategy is to take advantage of the global shift towards electric/hybrid vehicles and high quality consumer electronics by becoming a raw material supplier of the elements required for the pursuit of sustainable energy and other applications in high-tech electronics and metal alloys. Combined, HLM's Board of Directors and Management have over 300 years of finance, exploration and mining experience to help to facilitate the Company's goal
HLM has a total of 86,415,695 common shares issued and outstanding. For additional information on HLM, please visit www.houstonlakemining.com
Company Contact Information
Trevor R. Walker, President
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
Henry Kloepper, CEO
T. +001 416.520.0187
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, please click on the following link:
http://www.fscwire.com/sites/default/files/news_release_pdf/houstonlake06042014.pdf
Source: Houston Lake Mining Inc. (TSX-V: HLM) (Pink Sheets: HLKMF) http://www.houstonlakemining.com
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