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Sudbury, Ontario -January 8, 2013 - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM today reported the closing of two non-brokered private placement offerings of 4,500,000 flow through units ("FT Units") of the Company priced at $0.05 per FT Unit, for total gross proceeds of $225,000.
Each Unit of the $200,000 Flow-Through Financing (4,000,000 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 three-quarter of one (3/4) 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 $0.10 for a 24 month period from closing (the "Offering").
In connection with the $200,000 Offering, the Company issued a finder's fee of $10,000 (5% of the gross proceeds of the Offering) and 200,000 finder options (5% of the total number of Units sold under the Offering) to Accilent Capital Management Inc. of Toronto, ON. Each finder option will be exercisable at a price of $0.10 into three-quarters (3/4) of one common share for a period of two years from the date of issuance.
Each Unit of the $25,000 Flow-Through Financing (500,000 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 three-quarter of one (3/4) 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 $0.10 for a 24 month period from closing (the "Offering").
In connection with the $25,000 Offering, the Company issued a finder's fee of $2,000 (8% of the gross proceeds of the Offering) and 40,000 finder options (8% of the total number of Units sold under the Offering) to Fidelity Clearing Canada ULC ITF Euro Pacific Canada Inc of Toronto, ON. Each Finder option will be exercisable at a price of $0.10 into one common share for a period of two years 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 Houston Lake's 100% owned and optioned Pakeagama Rare Metal project located in northwestern Ontario.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the rare metals cesium, tantalum, lithium and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 62,719,056 common shares issued and outstanding. For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
Forward-looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.
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