Houston Lake Mining Raises $150,999 In A Non-Flow-Through Private Placement
Proceeds To Be Used For Working Capital Purposes to Advance the Dubenski Property
SUDBURY, Ontario, Mar 31, 2009 (BUSINESS WIRE) -- Houston Lake Mining Inc. (TSX.V: HLM) is pleased to report it has completed a non-brokered private placement of 431,425 common share units for net proceeds of $150,999 All securities issued in connection with this financing have a hold period of at least four months and are subject to regulatory approval. "We are now able to meet all of our property obligations for the coming year," said Grayme Anthony, President and CEO. "We have raised in excess of $900,000 since November and can look ahead to an aggressive summer exploration campaign at West Cedartree." The funds were raised through the sale of 431,425 common share units priced at $0.35 per unit in a non-brokered private placement, subject to regulatory approval. Each unit consisted of common share and one full common share purchase warrant. Each whole warrant is exercisable into one common share at an exercise price of $0.50 for 24 months from closing (March 24, 2011). There were four participants of which one was an Insider who took down 14 percent (60,000 Units) of the placement. Proceeds from the offering will finance ongoing exploration activities at Houston Lake's 100% owned and 100% optioned gold properties near Kenora, Ontario. The Company has eight contiguous properties that comprise its West Cedartree Gold Project. In March, management disclosed results from a highly successful winter diamond drill program at the Dubenski property, and a new round of drilling has recently been concluded on the property. About Houston Lake Mining Inc. Houston Lake is an advanced, vertically integrated resource exploration company. The Company is actively exploring for gold, platinum group metal and rare metal deposits in northwestern Ontario with a strategic focus on the West Cedartree gold project. Houston Lake's objective is to become a gold producer by surface mining its West Cedartree gold project and developing its 100% owned and optioned properties. The Company has a total of 33,716,213 common shares issued and outstanding exclusive of the announced financing. For additional information, please visit us at www.houstonlakemining.com. Forward-looking Statements The TSX Venture Exchange has not reviewed and does not accept 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. www.houstonlakemining.com SOURCE: Houston Lake Mining Inc. Houston Lake Mining E. Grayme Anthony P.Geo., MBA President and CEO Tel: 705-897-7622 Fax: 705-897-7618 ganthony@vianet.on.ca or In Canada: Linx Partners Ltd Wanda Cutler, 416-303-6460 or In United States: ICS George Duggan, 818-542-6880 Copyright Business Wire 2009 |