FSC / Press Release
$250,000 Shares for Debt Financing Proposed
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
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
To view this press release as a webpage please click on the following link:
Source: Houston Lake Mining Inc. (TSX-V: HLM) (Pink Sheets: HLKMF)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Provider ID: 00021048
-0- Feb/01/2013 19:01 GMT
Press spacebar to pause and continue. Press esc to stop.