HLM Raises $359,155 in Flow-Through Financing Oversubscribed by 80%
Sudbury, Ontario – January 9, 2015 – 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 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 $0.23 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.