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Houston Lake Completes $255,010 Equity Offering |
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HOUSTON LAKE COMPLETES $255,010 EQUITY OFFERING
Exploration Funding Total Rises To $1.3 Million
Sudbury, Ontario – November 22, 2007 – Houston Lake Mining Inc. (TSX.V: HLM), an advanced exploration company actively seeking gold, platinum group metals and rare metals in northwestern Ontario, is pleased to report it has completed an equity offering for gross proceeds of $255,010.
The offering comprised 364,300 flow-through shares priced at $0.70 in a non-brokered private placement with Max Capital Markets Limited. The financing is subject to regulatory approval. Proceeds will be deployed to advance Houston Lake’s 100% owned and optioned gold properties located near Kenora, Ontario.
“With the completion of this financing we now have a war chest of over $1.3 million,” said Grayme Anthony, President and CEO. “These funds will allow Houston Lake Mining to carry out this winter’s drill programs slated for the Dubenski and Dogpaw Lake properties of our West Cedartree gold project. The goal of these programs is to build gold resources toward the justification of an onsite mill.”
All securities issued in connection with this financing have a hold period of four months that expires on March 15, 2008. A finder’s fee of $20,000 and 28,572 Broker Warrants will be payable to Max Capital upon regulatory approval. Each broker warrant is exercisable at a price of $0.70 into one common share for a period of two years. Finder’s fees total 8% of the gross proceeds and broker warrants are 8% of the portion of the private placement raised by Max Capital.
About Houston Lake Mining Inc.
Houston Lake is an advanced exploration, vertically integrated resource company. The Company is actively exploring for gold, platinum group metals and rare metals in northwestern Ontario with a strategic focus on the West Cedartree gold project. Houston Lake’s objective in the short term 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 25,263,660 common shares issued and outstanding. For additional information on Houston Lake, visit www.houstonlakemining.com
Company Contacts:
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Houston Lake Mining
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Barnes McInerney
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E. Grayme Anthony P. Geo., MBA
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Colin Languedoc
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President and CEO
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Senior Account Executive
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Tel: 705-897-7622
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Tel: 416-367-5000 ext. 225
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Fax: 705-897-7618
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Fax: 416-367-5390
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This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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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.
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