SUDBURY, Ontario--(BUSINESS WIRE)--Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for the rare metals lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is proposing a non-brokered private placement offering of up to a maximum of 2,500,000 common shares ("Common Shares") of the Company.
The Common Shares are to be issued under a unit offering whereby up to a maximum of 2,500,000 units ("Units") at a subscription price of $0.06 per Unit are to be offered. Each Unit shall consist of one (1) Common Share of the Company 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 $0.10 for a 24 month period from closing (the "Offering").
All of the Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange. Proceeds from the financing will be used to advance Houston Lake’s 100% owned and optioned PAK Rare Metals project located in northwestern Ontario, and for general working capital purposes.
HLM reserves the opportunity to grant to eligible persons a finder’s fee of a maximum 8% of the gross proceeds of the Offering and finder options of a maximum of 8% of the total number of Units sold under the Offering. Each finder option will be exercisable at an exercise price of $0.10 into one common share and one Warrant for a period of two years from closing.
About the PAK Rare Metals Project
The Pakeagama Lake
pegmatite currently has a strike length of approximately 200m with a
width up to 150m at surface with mineralization that is open in all
directions. In September 2012, Peter J. Vanstone, P.Geo. the qualified
person for the project, conducted a 91 sample channel sampling program
on the exposed Pakeagama Lake pegmatite in order to confirm historical
results and to add additional channel samples while further sampling by
distinct geologic zones. The results of the program have so far
identified high grade lithium up to 4.74% Li2O over 15 meters
in three distinct pegmatite zones, and high grade tantalum up to 192ppm
Ta2O5 over 14 meters in one of these zones. A
diamond drill program has been independently recommended and on March 1,
2013, the Company announced that a Phase I, 6 hole, 1,000 meter drill
program commenced.
About Houston Lake Mining Inc.
HLM is a mining exploration
company that is actively exploring for the rare metals lithium, cesium,
tantalum, and rubidium and is currently focusing on its 100% owned and
optioned Pak Lithium Project in northwestern Ontario, Canada. HLM has a
total of 63,019,056 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 www.sedar.com.