Business
Houston Lake Mining Announces $516,000 Financing
Houston Lake Mining Announces $516,000 Financing Sudbury, Ontario CANADA, October 29, 2013 /...
About this update from Frontier Lithium Inc.
[{"type":"text","content":"Houston Lake Mining Announces $516,000 FinancingHouston Lake Mining Announces $516,000 Financing\nSudbury, Ontario CANADA, October 29, 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 10,320,000 common shares (\"Common Shares\") of the Company.  \nThe Common Shares are to be issued under a unit offering whereby up to a maximum of 10,320,000 units (\"Units\") at a subscription price of $0.05 per Unit are to be offered.  Each Unit shall consist of one (1) Common Share of the Company and one (1) 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 an 18 month period from closing (the \"Offering\").   \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. \nAbout the PAK Rare Metals Project\nThe PAK Rare Metals Project lies between two geological sub-provinces in northwestern Ontario. The deposit is a LCT (lithium, cesium, tantalum) classified pegmatite. These types of deposits have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world. \n6 diamond drill holes totalling 1,000 metres, were drilled by HLM on the Pakeagama pegmatite in 2013. Resulting from drilling, the Pakeagama pegmatite maintains a 250 metre strike length, a width varying from 45 to 125 metres with an assumed sub-vertical orientation of the pegmatite body. Highlights from diamond drilling include high grade lithium and tantalum up to 4.22% Li2O over 18 metres and 236 ppm Ta2O5 over 19 metres in two distinct pegmatite zones. An initial National Instrument (\"NI\") 43-101 compliant mineral resource estimate has commenced and ...