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Houston Lake Closes $150,000 Flow-Through Financing |
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January 10, 2007: Sudbury, Ontario, Canada - Houston Lake Mining Inc. (TSX.V: HLM, the "Company") is pleased to report that the Company has raised an additional $150,000 through the sale of 200,000 Flow-Through Shares priced at $0.75 in a non-brokered private placement with the MAK Allen & Day Capital Partners of Toronto, Ontario. The financing is subject to regulatory approval. This brings the total amount of funds raised in December to $1,416,953.48 of which $1,095,050 is Flow-Through funding. Proceeds from the financing will be used to advance Houston Lake’s 100% owned and 100% optioned gold properties located near Sioux Narrows, Ontario.
All securities issued in connection with this financing have a hold period of 4 months. The hold period expires on April 22, 2007. A finder’s fee of $9,000 (6% of the gross proceeds) and 16,000 brokers warrants (8% of the total issuance) would be payable upon regulatory approval. Each broker’s warrant is exercisable at a price of $0.75 into one common share for a period of one year.
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