$250,000 Shares for Debt Financing Proposed
2013-02-01 20:06:57 -
Sudbury, Ontario CANADA, February 01, 2013 /FSC/ - Houston Lake Mining Inc. (HLM - TSX Venture, HLKMF - OTCBB_Pink),is a mining exploration company which is actively exploring for the rare metals lithium, cesium, tantalum, and rubidium by currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM is pleased to report that it
has received a positive response from two creditors concerning a Shares for Debt Financing. HLM proposes to issue up to 5,000,000 common shares at a price of $0.05. The financing is subject to regulatory approval and would have a hold period of four months.
$200,000 of debt is owed to a company owned by one "non-arm's length" individual. The non-arm's length portion of the proposed financing is therefore 4,000,000 common shares at a price of $0.05 per share.
The $50,000 debt is owed to one "non-arm's length" individual. This non arm's length portion of the financing is therefore 1,000,000 common shares at a price of $0.05 per share.
Management believes that the proposed Shares for Debt financing will strengthen the balance sheet and increase the attractiveness of the Company for future financings.
The Company also announces that under its stock option plan it has granted 2,000,000 stock options to officers, directors, employees and consultants of the Company. The options are set for a period of five years, expiring on February 1, 2018. The options are priced at $0.10 and are subject to regulatory approval.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the rare metals lithium, cesium, tantalum, and rubidium and is currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 63,019,056 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
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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