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HLM Announces a Non Brokered Private Placement of $516,000 Hard Dollars and $225,000 Flow-Through Dollars
HLM Announces a Non Brokered Private Placement of $516,000 Hard Dollars and $225,000 Flow-Thro...
About this update from Frontier Lithium Inc.
[{"type":"text","content":"HLM Announces a Non Brokered Private Placement of $516,000 Hard Dollars and $225,000 Flow-Through DollarsHLM Announces a Non Brokered Private Placement of $516,000 Hard Dollars and $225,000 Flow-Through Dollars\n\nSudbury, Ontario CANADA, December 31, 2013 /FSC/ - Houston Lake Mining Inc. (HLM - TSX Venture),is a mining exploration company which is actively exploring for rare metals lithium, and tantalum and is currently advancing its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM is proposing a non-brokered private placement offering of up to a maximum of 8,600,000 common shares (\"Common Shares\") of the Company from the non-flow through (hard dollar) placement and to a maximum of 3,000,000 Common Shares of the Company from the flow-through (FT) placement.  \n\nThe FT Units are comprised of one common share ('Share') at a subscription price of $0.075 per unit and one half of one (1/2) non-transferable share purchase warrant ('NFT Warrant'). Each full NFT Warrant shall entitle the holder thereof to purchase one (1) additional common share of HLM at an exercise price of $0.11 for a period of two years from the date of closing of the Transaction. The Hard (NFT) Units are comprised of one common share ('Share') at a subscription price of $0.06 per unit and one (1) non-transferable share purchase warrant ('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 period of two years from the closing of the Transaction. \nAll of the Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange.  Proceeds from the financing will be used to advance Houston Lake's 100% owned and optioned PAK Rare Metals project located in northwestern Ontario, and for general working capital purposes.\n\nAbout the PAK Rare Metals Project\n\nThe PAK Rare Metals Project lies close to the boundary between two geological sub-provinces in northwestern Ontario. The deposit is a LCT (lithium, cesium, tantalum) classified pegmatite. These rare types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world. \n\nHLM is acti...