HLM Announces $450,000 Financing
Sudbury, Ontario – July 8, 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 Lithium Project in northwestern Ontario, Canada. HLM is proposing a non-brokered private placement offering of up to 2,500,000 common shares (“Common Shares”) of the Company.
The Common Shares are to be issued under a unit offering of 2,500,000 units (“Units”) at a subscription price of $0.18 per Unit. 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 additional common share of HLM at an exercise price of $0.29 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. Proceeds from the financing will be used to advance exploration of HLM’s 100% owned and optioned PAK Lithium Project located in northwestern Ontario.
The Company also announces that it has granted 2,050,000 stock options to officers and directors. The options are set for a period of five years, expiring on July 8, 2020. The options are priced at $.19 and are subject to regulatory approval.