HLM Raises $359,155 in Flow-Through Financing Oversubscribed by 74%

Sudbury, Ontario (FSCwire) - 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 for a total of 2,660,408 flow-through units ("FT Units") of the Company priced at $0.135 per FT Unit, for total gross proceeds of $359,155.

Each Unit of the $359,155 Flow-Through Financing (2,660,408 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 $0.23 for an 18 month period from closing (the "Offering").

In connection with the $315,155 Offering, the Company issued finder’s fees of $22,090 (7% of the gross proceeds of the Offering) and 163,414 finder options (7% of the total number of Units sold under the Offering). Each finder option will be exercisable at a price of $0.23 into one common share for a period of eighteen months 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 of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an 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 exploring its 100% owned and optioned project which contains the Pakeagama Lake pegmatite. The deposit is one of the highest grade deposits in North America which has a current Inferred Resource of 6.89 million tonnes of 1.86% Li2O Eq[1] which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe₂O₃). Within the deposit, the pegmatite uniquely hosts an Upper Intermediate Zone of 1.17million tonnes grading 3.44% Li2O. A 9-hole, 1,500m Phase II diamond drill program was completed in late March 2014 which and has not yet been considered in a resource calculation. As a result of the drill program, the pegmatite now has a 400m strike length with an estimated width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast.

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 91,107,595 common shares issued and outstanding, excluding the proposed shares to be issued as a result of this press release. For additional information on HLM, please visit www.houstonlakemining.com.

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