SUDBURY, Ontario--(BUSINESS WIRE)--Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. On March 13th, 2013 HLM proposed a non-brokered private placement offering of 2.5 million units ("Units") of the Company priced at $0.06 per Unit, for total gross proceeds of $150,000. The private placement financing has been oversubscribed by $283,000 by successfully selling 7.2 million Units at the price of $0.06 per Unit.
Each Unit consists 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. Proceeds from the financing will be used to advance Houston Lake’s 100% owned and optioned Pakeagama Rare Metal project located in northwestern Ontario, and for general working capital purposes.
No finder’s fees or options were necessary for the offering.
About the PAK Rare Metals Project
The Pakeagama Lake pegmatite has a exposed 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 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 63,019,056 common shares issued and outstanding exclusive of this financing. 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
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.