Houston Lake Mining Raises $433,000 in Financing Oversubscribed by 189%
Sudbury, Ontario – March 28, 2013 – 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.