Houston Lake Mining Raises $433,000 in Financing Oversubscribed by 189%
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
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, +001 705.897.7622
CEO
F.
+001 705.897.7618