Houston Lake Mining Announces $516,000 Financing
Sudbury, Ontario – October 29, 2013 – Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium, and tantalum and is currently advancing 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 10,320,000 common shares (“Common Shares”) of the Company.
The Common Shares are to be issued under a unit offering whereby up to a maximum of 10,320,000 units (“Units”) at a subscription price of $0.05 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 an 18 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.