Houston Lake Mining Closes $354,121 Non-Flow Through Private Placementadmin
Houston Lake Mining Inc. is pleased to report that the Company has raised a total of $354,121.10 in a private placement financing subject to regulatory approval. This financing completes the December 2006 non-flow through financing and brings the total amount raised in recent financings to $1,771,074.58. The proceeds of the private placement will be utilized to advance exploration on the Company’s 100% owned and 100% optioned 862 hectare (2,129 acre) West Cedartree Gold Project located near Sioux Narrows, Ontario and for Working Capital purposes to fund future acquisitions.
The financing is comprised of 505,886 Units at a price of $0.70 per Unit for maximum gross proceeds of $354,121.10 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 (until February 28, 2009). The offering has a hold period of four months and a day (July 1, 2007).
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 23,638,270 common shares issued exclusive of the announced financing. For additional information, we invite you to visit us at www.houstonlakemining.com.
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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A. Schwab & Associates Investor Relations 1-800-537-4099 (toll-free)
E. Grayme Anthony B.Sc., P. Geo., FGAC, MBA President & CEO Tel: (705) 897-7622 Fax: (705) 897-7618
Source: Houston Lake Mining Inc.