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Houston Lake Receives Exchange Approval for $321,903 financing |
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January 3, 2007: Sudbury, Ontario, Canada - Houston Lake Mining Inc. (TSX.V: HLM, the "Company") is pleased to report that the Company has received regulatory approval for the $321,903.48 private placement financing announced on December 12, 2006. The proceeds of the private placement will be utilized in addition to $945,050 raised in three separate Flow-Through financings during the month of December for a total of $1,266,953.48 to advance exploration on the Company’s 100% owned and 100% optioned 862 hectare (2129 acre) West Cedartree Gold Project located near Sioux Narrows, Ontario and for Working Capital purposes to fund future acquisitions.
The financing is comprised of 459,861 Units at a price of $0.70 per Unit for maximum gross proceeds of $321,903.48 subject to regulatory approval. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable at a price of $0.90 for a period of two years from the date of closing (December 12, 2008). The offering has a hold period which expires on April 13, 2006. The finders fee has been reduced by mutual agreement from $28,971.31 to $2,867.00 (or 9.0%) to reflect only that portion of the financing raised in Canada.
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 23,280,234 common shares issued. For additional information, we invite you to visit us at www.houstonlakemining.com.
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