HLM Raises $823,720 in Flow-Through Financing
Sudbury, Ontario – January 20, 2016 – 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 today reported the closing of a non-brokered private placement offering for a total of 5,314,321 units (“Units”) of the Company priced at $0.155 per Unit, for total gross proceeds of $823,720.
The Common Shares to be issued under a unit offering of 5,314,321 units (“Units”) at a subscription price of $0.155 per Unit. Each Unit shall consist of one (1) Common Share of the Company and one-half (½) 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 $0.22 for an 18 month period from the closing (the “Offering”).
In connection with the $823,720 Offering, the Company issued finder’s fees of $33,707.26 (7% of $470,470 of the Offering) and 212,470 finder warrants (7% of 3,035.290 of Units sold under the Offering). Each finder option will be exercisable at a price of $0.22 into one common share for a period of eighteen months from the date of issuance.
All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 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.