HLM Announces Closing of $100,030 from Flow-Through Financing
Sudbury, Ontario – September 10, 2013 – Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium (Li), and tantalum (Ta) and currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM today reported the closing of one non-brokered private placement offering of 1,429,000 flow through units (“FT Units”) of the Company priced at $0.07 per FT Unit, for total gross proceeds of $100,030.
Each Unit of the $100,030 Flow-Through Financing (1,429,000 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 ½ 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 $0.10 for a 24 month period from closing (the “Offering”).
In connection with the $100,030 Offering, the Company issued a finder’s fee of $5,001.50 (5% of the gross proceeds of the Offering) and 71,450 finder options (5% of the total number of Units sold under the Offering) to Accilent Capital Management Inc. of Toronto, ON. Each finder option will be exercisable at a price of $0.10 into one common share for a period of two years 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.