Houston Lake Mining Announces $755,200 in a Flow-Through Financing With the Mineral Fields Group and NovaDX Ventures
29 Dezember 2008 - 10:36PM
Marketwired
Houston Lake Mining Inc. (TSX-V: HLM) (PINKSHEETS: HLKMF) (the
"Company") is pleased to announce that the Company has agreed to
raise $755,200 through the sale of 2,517,332 Flow-Through Units
priced at $0.30 per unit in a non-brokered private placement with
the Mineral Fields Group and NovaDX Ventures Inc. Each Flow-Through
Unit consists of one flow-through common share and one half of one
common share purchase warrant. Each whole warrant is exercisable
into one common share at an exercise price of $0.35 for 24 months
from closing. Proceeds from the financing will be used to advance
Houston Lake's 100% owned and 100% optioned gold properties located
near Kenora, Ontario.
All securities issued in connection with this financing have a
hold period of 4 months. An aggregate finder's fee of $45,312 (6%
of the gross proceeds), due diligence fee of $15,104 (2% of the
gross proceeds) and 201,386 agents' options (8% of the total
issuance) will be paid pursuant to the offering. Each agent option
is exercisable at an exercise price of $0.30 into one common share
and one-half of one broker warrant for a period of two years, with
each whole broker warrant exercisable at a price of $0.35 into one
common share for a period of two years.
"We are very pleased to be continuing our relationship with
Mineral Fields Group and establishing of a new relationship with
NovaDX," said Grayme Anthony, President and CEO. "We look forward
to working with Mineral Fields Group and NovaDX as we continue to
develop our holdings near Kenora."
About Mineral Fields, Pathway and First Canadian Securities�
Mineral Fields Group (a division of Pathway Asset Management),
based in Toronto and Vancouver, is a mining fund with significant
assets under administration that offers its tax-advantaged super
flow-through limited partnerships to investors throughout Canada as
well as hard-dollar resource limited partnerships to investors
throughout the world. Pathway Asset Management also specializes in
the manufacturing and distribution of structured products and
mutual funds (including the Pathway Multi Series Funds Inc.
corporate-class mutual fund series). Information about Mineral
Fields Group is available at www.mineralfields.com. First Canadian
Securities� is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive,
effective and service-friendly terms, and offers investment
banking, mergers and acquisitions, and mining industry consulting,
services to resource companies. Mineral Fields and Pathway have
financed several hundred mining and oil and gas exploration
companies to date through First Canadian Securities�.
About Houston Lake Mining Inc.
Houston Lake's objective in the short term is to become a gold
producer by surface mining our West Cedartree gold project and
apply the profits towards the development of our 100% owned and
optioned northwestern Ontario properties. The Company has a total
of 31,198,881 common shares issued exclusive of the announced
financing. For additional information, we invite you to visit us at
www.houstonlakemining.com.
Neither 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.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Company Contacts: E. Grayme Anthony B.Sc., P. Geo., FGAC, MBA
President & CEO Tel: (705) 897-7622 Fax: (705) 897-7618 Email
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