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HLM Announces Closing of $100,030 from Flow-Through Financing
HLM Announces Closing of $100,030 from Flow-Through Financing Sudbury, Ontario CANADA, Septe...
About this update from Frontier Lithium Inc.
[{"type":"text","content":"HLM Announces Closing of $100,030 from Flow-Through FinancingHLM Announces Closing of $100,030 from Flow-Through Financing\nSudbury, Ontario CANADA, September 10, 2013 /FSC/ - Houston Lake Mining Inc. (HLM - TSX Venture),is a mining exploration company which is actively exploring for rare metals lithium (Li), and tantalum (Ta) and currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM today reported the closing of one non-brokered private placement offering of 1,429,000 flow through units (\"FT Units\") of the Company priced at $0.07 per FT Unit, for total gross proceeds of $100,030. \nEach Unit of the $100,030 Flow-Through Financing (1,429,000 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 one-half (1/2) of one 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\"). \nIn connection with the $100,030 Offering, the Company issued a finder's fee of $5,001.50 (5% of the gross proceeds of the Offering) and 71,450 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 one common share for a period of two years from the date of issuance.  \nAll 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 exploration of HLM's 100% owned and optioned PAK Rare Metals project located in northwestern Ontario. \nAbout Houston Lake Mining Inc.\nHLM is a mining exploration company that is actively exploring for the rare metals lithium (Li), tantalum (Ta), rubidium (Rb) and cesium (Cs) and currently focusing on its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. A recent Phase I, 1,000m, 6-hole diamond drill program intersected up to 4.22% Li2O over 18 and 236 ppm Ta2O5  over 19m in two distinct pegmatite zones.  The Pakeagama Lake pegmatite also has large tonnage potential c...