HLM Announces $680,000 Financing
Sudbury, Ontario – March 16, 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 3,864,929 units (“Units”) of the Company priced at $0.21 per Unit, for total gross proceeds of $811,635.
The Common Shares are to be issued under a unit offering of 3,238,095 units (“Units”) at a subscription price of $0.21 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 $0.30 for an 18 month period from closing (the “Offering”). Completion of the private placement is subject to the final approval of the TSX Venture Exchange.
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.
HLM reserves the opportunity to grant to eligible persons a finder’s fee of a maximum 7% of the gross proceeds of the Offering and finder options of a maximum of 7% of the total number of Units sold under the Offering. Each finder option will be exercisable at an exercise price of $0.30 into one common share for a period of 18 months from the date of issuance.