HLM Announces $275,000 Shares for Debt Financing
Sudbury, Ontario – May 1, 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 pleased to report that it has received a positive response from two creditors concerning a “Shares for Debt Financing”. HLM proposes to issue up to 1,345,987 common shares at a price of $0.15. The financing is subject to regulatory approval and would have a hold period of four months.
$126,898 of debt is owed to a company owned by one “non-arm’s length” individual. The non-arm’s length portion of the proposed financing is therefore 845,987 common shares at a price of $0.15 per share.
A $75,000 debt is owed to one “non-arm’s length” individual. This non arm’s length portion of the financing is therefore 500,000 common shares at a price of $0.15 per share.
Management believes that the proposed Shares for Debt financing will strengthen the balance sheet and increase the attractiveness of the Company for future financings.